Murkowski: Social Security COLA Increase is Welcome News
Washington, DC – Senator Lisa Murkowski had the following reaction upon hearing the news that Social Security and Supplemental Security Income (SSI) benefits will increase 3.6% at the beginning of 2012:
“America is facing a series of difficult decisions and rethought priorities when it comes to dealing with our nation’s mounting debt and deficit, but for those who rely on social security –and can tell you the day of the month it comes in the mail – this is welcome news.”
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. The Social Security Act’s current formula was put into place in 1960, to determine how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.