Wednesday, October 17, 2007

SS COLA for 2008 is 2.3%

Come January, Social Security benefits for nearly 50 million Americans are going up 2.3 percent, the smallest increase in four years. It will mean an extra $24 per month in the average check, the government announced Wednesday.  The cost of living adjustment means that the monthly benefit for the typical retired worker in 2008 will go from $1,055 currently to $1,079 next year.  The adjustment, announced by the Social Security Administration, will go to more than 54 million Americans. Nearly 50 million receive Social Security benefits and the rest get Supplemental Security Income payments aimed at helping the poor.

Source/more:  Minneapolis Star Tribune, http://www.startribune.com/484/story/1490199.html

Official announcement from the SSA:  http://ssa.gov/pressoffice/pr/2008cola-pr.htm

2008 Social Security Fact Sheet:  http://ssa.gov/pressoffice/factsheets/colafacts2008.htm

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