Monthly Social Security and Supplemental Security Incomebenefits for more than 60 million Americans will increase 3.6percent in 2012, according to the Social SecurityAdministration.
The 3.6 percent cost-of-living adjustment will begin withbenefits that nearly 55 million Social Security beneficiariesreceive in January 2012. Increased payments to more than 8 millionSSI beneficiaries will begin on Dec. 30, 2011.
The maximum amount of earnings subject to the Social Securitytax will increase from $106,800 to $110,100 in January. Of theestimated 161 million workers who'll pay Social Security taxes in2012, about 10 million will pay higher taxes as a result of theincrease in the taxable maximum.
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