Philadelphia, PA (PRWEB) October 26, 2012
Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 62 million Americans will increase 1.7 percent in 2013, the Social Security Administration announced today.
The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2012.
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 $113,700 from $110,100. Of the estimated 163 million workers who will pay Social Security taxes in 2013, nearly 10 million will pay higher taxes as a result of the increase in the taxable maximum.
Information about Medicare changes for 2013, when announced, will be available at http://www.Medicare.gov. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
The Social Security Act provides for how the COLA is calculated. To read more, please visit http://www.socialsecurity.gov/cola. People interested in seeking assistance from the SSI Program should contact the social security disability lawyers of Eric A. Shore.
About The Law Offices of Eric A. Shore, P.C.
The disability lawyers at the Law Offices of Eric A. Shore never charge a fee or cost until their client wins. The staff at the Law Offices of Eric A. Shore understands the physical and mental effects of a disability, and can help clients win their case even if they are unable to leave their home. Additionally, since the Law Offices of Eric Shore can handle cases nationwide, their Social Security lawyers can assist clients living in every state. During the past 18 years, their disability attorneys have helped over 25,000 people all around the country with their Social Security Disability claims. They know how to interpret the law and follow the necessary procedures to achieve results for their clients.
For more information on Social Security announcements, visit http://www.1800cantwork.com.