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2009 Social Security COLA
By NCPSSM | October 16, 2008
SSA announced today that benefits for about 55 million Americans on Social Security will go up 5.8%…the highest cost of living increase we’ve seen since 1982.
“Given this economy, the Social Security COLA is a lone piece of good news for seniors. Social Security’s COLA is absolutely essential to keep America’s seniors out of poverty. For 20% of seniors, Social Security is their only income…and getting by month-to-month has become so much harder as healthcare costs skyrocket, fuels costs soar and their investments and home values plummet. For too many seniors, this average $63 per month will probably already be spent before it arrives. “ Barbara B. Kennelly, President/CEO, The National Committee to Preserve Social Security and Medicare
SSA also announced that the maximum amount of earnings subject to the Social Security tax will increase next year to $106,800, up from $102,000 this year. Both changes go into effect in January.
For more on the COLA details, The Associated Press and the Pittsburgh Post Gazette had good coverage this morning.
Topics: Barbara B. Kennelly, Social Security | 3 Comments »
December 22nd, 2008 at 5:38 pm
Have the 2009 S.S. cola statements been mailed? Thank you
February 7th, 2009 at 7:05 pm
The COLA payment may seem big – but it only allows us to try to keep up with the rising prices – especially for utilities such as gas & electric. We’re lucky to have th COLA increase and it should be doubled!
We also need a one time boost of around 600.00 put into the presidents stimulus package. It would let us at least catch up a little.
March 6th, 2009 at 10:18 pm
The seniors need their COLA rate doubled…they are having the hardest time of all in this country. They are trying to keep up with inflation, depression and everything else. Usually in a recession or depression prices come down….they are not they are going up…we cannot keep up with all this. They better do something now before its to late.