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Hehehe, I will believe it when I see it. I still have to ask my SS to know what kind of benefit am I getting. I will give them a call on Monday. Ahhhh...Seeing is believing.
Oh no.
The percentage of tax deduction will increase on every employer's paychecks.
The actual raise is $63. That's better than nothing! I'll take it!
Oh no.
The percentage of tax deduction will increase on every employer's paychecks.
My understanding is that the tax rate will go up some on those in the higher earnings brackets.
Doesn't that affect the economy crisis? People are selfish and greedy these days.
Isn't that just an average? Mine will be closer to 100.....
Speaking of average...Isn't it going to increase every year as it usually do? Because mine do.
Pretty much, yes and again, based on some kind of COLA formula.
I mean the benefits not taxes.
So in theory, you would get benefit from SS about say $900 a month with 5.8% additional which make it 963 by 2009 and after 2010 you would get 5.8% more about what you get from 2009 which make it 1026?
No, the average is 3%, this is one of highest since 1980. few years ago, it was very small I think 1.8%.
SSA usually announce the % increases every year in mid-October for the next year. In October 2009, it could be any number, depending on economy.
In fact, I believe that SSA pay out is way below what it was like back in 1972.
I can't image living on SSA checks! My job paid much more than what SSA would pay me. Surely, some of you think minimum wage is not enough to justify giving up SSI or SSDI. The truth is, usually minimum wage job last not long, maybe 2 to 5 years before you finally climb up with decent paid job. It took me 6 years to reach where I wanted and now that I am glad that I didn't stick to SSI for too long and miss the opportunity.
DHB, what are you saying , "no" to? Over 25 years ago it was 7.something and this time (for 2009) it will be 5.8%, the highest in a very long time.
This thread is supposedly about normal, regular SS benes that people who are retired, like me but somehow, this topic has veered off from the main point.
The SS/SSI benefits COLA (Cost of Living Adjustment) is based on the CPI (Consumers Price Index) The CPI is an indicator of either inflation or deflation. It is an average of across-the-board prices excluding volatile (up n down) gas and food prices.
So simply put in...If the CPI goes up in 2008 by 5 percentage points, the SS/SSI COLA would be indexed to that. In 2009, if the CPI is at 3.9%, then your SS/SSI would go up by only 3.9%.
Oh by the way that's way more than the last raise I got last May at work...$48 a month extra. I wish my raises at work were indexed to the COLA, but my annual COLA raises are a set fixed-amount per year for the life of the contract the union has with the company. Too bad health insurance premiums ate up most of that raise..grr.
I read about the soical securety beneifits that going up for "seniors citizens" but when I read the whole story in news paper, it don't say anything about people on disabilities will get more on soical security benefits.