WASHINGTON D.C., October 16, 2012 – Today the Social Security Administration announced “Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 62 million Americans will increase 1.7 percent in 2013” and said further that the cost of living adjustment could “begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2012.”
The raise, which is one of the smaller COLA increases since 1975, prompted Hawaii’s Representative Maize Hirono (D, CD2) to issue a statement of her own in response:
“Social Security is a solemn promise to kupuna like my 88-year-old mother that they can rely on the retirement they’ve earned. While I’m glad to see our seniors receive an increase for the second year in a row, I wish the cost-of-living adjustment could be larger. However, every little bit helps make a difference in these tough economic times.”
Hirono’s press release adds, “In addition to raising the COLA, the Social Security Administration also announced that the maximum amount of wages subject to the Social Security tax would rise from $110,000 to $113,700. Congresswoman Hirono supports legislation to remove this cap entirely on income so that everyone pays their fair share and Social Security remains solvent for an additional 75 years.”
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