Seniors Getting Largest Social Security Increase Since 1982

(SPM Wire) While the economy may be hurting, good economic news for senior citizens is coming from the Social Security Administration which has announced that seniors can expect a 5.8 percent benefit increase in 2009.

The largest benefit increase since 1982, this boost in funding will come in the form of a "Cost-of-Living Adjustment."

The 5.8 percent Cost-of-Living Adjustment is beginning with benefits that over 50 million Social Security beneficiaries receive in January 2009. Increased payments also will be coming to more than seven million Supplemental Security Income beneficiaries.

While benefits increase yearly to compensate for inflation, based on rises in the Bureau of Labor Statistics' "Consumer Price Index for Urban Wage Earners and Clerical Workers," the largest increase in 26 years in Social Security is more than welcome in the current economy.

These changes, though, will not necessarily come as a blessing to all, as more payout by the Social Security Administration necessarily means more pay-in by taxpayers around the country.

Of the estimated 164 million workers who will pay Social Security taxes in 2009, about 11 million will pay higher taxes as a result of the increase in the taxable maximum.

Information about Medicare changes for 2009 can be found online at www.medicare.gov.

More information about Social Security benefits can be found at www.ssa.gov.

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