Social Security Press Release – 2012 COLA

Press Release

Wednesday, October 19, 2011 Press Office

Social Security Announces 3.6 Percent Benefit Increase for 2012

Cost-of-Living Adjustment is First Since 2009

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012, the Social Security Administration announced today.

The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.

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.

Information about Medicare changes for 2012, when announced, will be available at 2012 Social Security Changes.

A fact sheet showing the effect of the 2012 COLA on various Social Security and SSI program amounts can be viewed at 2012 Social Security Changes.

SSA Press Office 440 Altmeyer Building 6401 Security Blvd. Baltimore, MD 21235

410-965-8904 FAX 410-966-9973

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5 Responses to Social Security Press Release – 2012 COLA

  1. Hector Ortega says:

    What do you think is the probability COLA will be deferred by the Super Committee?

    • revenuer says:

      Hector,

      The supercommitee has no say in the COLA. It has already been announced and you will see it in January. The supercommitte exists supposedly to consider various budget cutting directives for the President and Congress. I don’t expect to see much coming from there, though due to Republican obstructionism which we have become so unpleasantly familiar with. The supercommittee is pretty much deadlocked and I don’t see that changing.

      In the meantime though, we will have our COLA. The process for arriving at a COLA is a completely separate one and it has already been done for 2012. We will begin the 2013 COLA watch as soon as the data is published.

  2. Adele says:

    This increase should be three-fold – two to make up for the two years you screwed us AND the one coming up for next year. If this was a tax increase you would happily raise it retroactively YES??? WELL????

    • ssapotluck says:

      Who is this “you” that you are talking about? We report on what the government does. We have no voice in policy. We are two other retirees who put this board together to try and help others understand what was being done regarding their Social Security. If we had the authority you seem to think we have, we would tax the hell out of the rich and have done with it. That would solve everyone’s problems.

      As to the tone of your post, please be sure that you have read “comment moderation.” We require a certain level of civility from people who post on our board and a lack of abuse of other posters. That includes us. We have zero tolerance for anything else. If we get another post which takes this tone it will be spammed without being moderated and you are outta here.

    • ssapotluck says:

      Who is this “you” that you are talking about? We report on what the government does. We have no voice in policy. We are two other retirees who put this board together to try and help others understand what was being done regarding their Social Security. If we had the authority you seem to think we have, we would tax the hell out of the rich and have done with it. That would solve everyone’s problems.

      As to the tone of your post, please be sure that you have read “comment moderation.” We require a certain level of civility from people who post on our board and a lack of abuse of other posters. That includes us. We have zero tolerance for anything else. If we get another post which takes this tone it will be spammed without being moderated and you are outta here.

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