Press Releases
Congressman Young Announces 3.3 Percent Social Security Income Benefit Increase for 2007
Washington, D.C.,
November 16, 2006
Alaska Congressman Don Young today announced that the U.S. Social Security Administration office has issued a 3.3 percent income benefit increase for 2007. Social Security and Supplemental Security Income benefits increase automatically each year based on the rise in the Bureau of Labor Statistics' Wage Consumer Price Index for Urban Earners and Clerical Workers (CPI-W), from the third quarter of the prior year to the corresponding period of the current year. The 3.3 percent Cost-of-Living Adjustment will begin in January 2007. Increased payments to more than 7 million Supplemental Security Income beneficiaries will begin on December 29, 2006. Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase from $94,200 to $97,500. Further information on the SSI payment increase can be found at http://www.socialsecurity.gov. |