Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays Bank.
In what’s sure to be a bit of welcome news, the Social Security Administration has announced that Social Security recipients will receive a 3.6% increase in payments, effective this coming January. This is the first such increase in benefits since 2009, when there was a 5.8% increase. The lack of increases over the past two years was due to low inflation.
Based on the average Social Security payment of $1,038/month, this works out to an increase of $39/month.At the same time, however, Medicare premiums are expected to increase, which could wipe out the value of a Social Security increase.
The Social Security wage limit (i.e., the amount of wages subject to Social Security taxes) is also set to increase next year from the current level of $106,800 to $110,100. This increase will affect roughly 10M of the 161M workers who pay Social Security taxes each year.
In other words, this is a good news, bad news sort of thing. Good news if you’re a Social Security recipient — though be on the lookout for those Medicare premium increases — but bad news if you’re employed and earning more than the Social Security wage limit.
Source: LA Times
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math (692)
- Dish Network Customer Service SUCKS (535)
- $8,000 Homebuyer Tax Credit (429)
- Pay Off Mortgage Early or Invest? (424)
- How to Claim the First-Time Homebuyer Tax Credit (352)
- Termite Control: Sentricon vs. Termidor (326)
- How Much Should You Pay a Babysitter? (284)
- Ethanol Blended Gas = Lower Mileage? (272)
- Reduced Credit Limits? Share Your Experience (256)
- $15,000 Homebuyer Tax Credit (242)
- Buying Furniture off the Back of a Truck (230)
- Will Mac OS X Lion Kill Quicken 2007? (191)