Social Security benefits are increasing the highest amount since 2009. Over 60 million U.S. citizens will begin receiving an additional 3.6% in their benefits in 2012.
The increase in Social Security benefits is due to inflation in the cost of living. A significant increase in energy costs made the Social Security Administration re-evaluate the benefits. The new benefit amounts will begin on December 30, 2011. Over 8 million beneficiaries will receive the larger Social Security benefits payout.
In 2012, the maximum monthly Social Security benefit a worker retiring at age 66 will be able to receive is $2,513. Anyone who elects early retirement at age 62 will lose $1 of benefits for every $2 they earn above a certain amount until they reach 66.
Aside from those who are at a retirement age, today's workers should be concerned that Social Security taxes withheld from paychecks could increase by over $2,300 annually.
For anyone who is receiving Social Security because of a disability, contact one of our lawyers to learn how your payouts will be affected. SSDI attorneys in Raleigh, Dunn and Fayetteville with Brent Adams & Associates help injured workers through the process of the Social Security Disability Insurance application process. Through appeals, hearings and coordinating the appropriate paperwork, SSDI lawyers expedite the lengthy disability claim process.