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Social Security Benefits to Increase 2.3 Percent

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By Admin on October 17, 2007 2:39 PM

Monthly Social Security and Supplemental Security Income benefits for more than 54 million Americans will increase 2.3 percent in 2008, according to an announcement from the Social Security Administration. The Associated Press reports that "the new cost-of-living figure means the typical retired worker's benefit check will go from $1,055 per month to $1,079," and calls the increase "the smallest since a 2.1 percent boost in 2004." The SSA also announced that the maximum amount of earnings that will be subject to the Social Security tax (called the "taxable maximum") will increase to $102,000 from $97,500, beginning in January 2008.