Welcome ...

All too many times overwhelmed caregivers are physically and emotionally depleted and need to take time to rest and care for themselves. Believing in a holistic approach to caregiver stress and a strong commitment to helping our members find the right solutions, we created this blog to help you connect with others who, like you, may be facing the same eldercare issues and challenges. Feel free to comment, ask questions, and submit articles. Please forward the blog link to your family and friends. They'll be glad you did.

Warm regards,

Patricia Grace
founder & CEO
Aging with Grace

Friday, October 21, 2011

Finally, a raise in social security.

Social Security retirement benefits for nearly 55 million people will rise 3.6% in 2012, the first cost of living increase since 2009 said the U.S. Social Security Administration on Wednesday.

Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $110,100 from $106,800. Of the estimated 161 million workers who will pay Social Security taxes in 2012, about 10 million will pay higher taxes as a result of the increase in the taxable maximum.

“Over the past two years, costs for food, utilities and health care have continued to increase while Social Security benefits have not,” said Nancy LeaMond, AARP Executive Vice President. “This first increase in three years will provide much-needed relief to millions, and underscores the importance of Social Security as the only guaranteed, lifelong, and inflation-adjusted source of retirement income for most Americans.”

Monthly Social Security payments average $1,082, or about $13,000 a year. A 3.5 percent increase would amount to an additional $38 a month, or about $455 a year.

Most retirees rely on Social Security for a majority of their income, according to the Social Security Administration. Many rely on it for more than 90 percent of their income.

1 comment:

  1. This is an excellent news for those receiving benefits from Social Security. :) It is not a huge increase but this would surely help the retiree.

    ReplyDelete

Search This Blog

Helpful Resources

Low Vision Therapy Services


Children of Aging Parents (CAPS)


Well Spouse Association


U.S. Administration on Aging


BenefitsCheckUp


Nursing Home Compare


Senior Safety Online


Mature Market Institute


Connections for Women


50Plus Realtor


Alzheimer's Speaks


Official VA Website