The Social Security Administration Wednesday announced that monthly Social Security and Supplemental Security Income (SSI) benefits will increase by 3.3 percent in 2007.
The change will affect more than 53 million Americans, according to the administration.
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This cost-of-living adjustment occurs each year, and is keyed to the rise in the U.S. Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers. This year’s increase in the CPI was 3.3 percent.
Based on the increase in average wages, the administration said, the maximum amount of earnings subject to the Social Security tax (the “taxable maximum”) also will increase next year, from $94,200 to $97,500.
About 11 million U.S. wage-earners, out of an estimated 163 million workers who will pay Social Security taxes in 2007, will face higher taxes as a result.
