Social Security Administration Announces Benefit Increase for 2013
WASHINGTON, DC – On Tuesday, the Social Security Administration announced a 1.7 percent cost-of-living adjustment (COLA) for 62 million Social Security and Supplemental Security Income (SSI) beneficiaries.
In January 2013, the estimated average monthly individual Social Security benefit will increase by $21 and the estimated average monthly individual Supplemental Security Income (SSI) benefit will increase by $12.
In addition, the Administration will increase the maximum amount of earnings subject to the Social Security tax, from $110,100 to $113,700, as a result of increases in national average wages.
“I am pleased that our seniors will be receiving an increase in their Social Security and SSI benefits next year,” stated Representative Clarke. “Our seniors have worked for many years to secure these benefits, which will help sustain their quality of life throughout retirement. Though this increase is modest, it will help many beneficiaries face the rising cost of food and housing.”
To read more on the 2013 COLA increase, visit www.socialsecurity.gov/cola.
U.S. Representative Yvette D. Clarke is a member of the House Small Business Committee and the Homeland Security Committee, where she is the Ranking Member of the Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies. She represents several neighborhoods in central Brooklyn, NY.