Heads Up: Social Security Payroll Increase in January 2013

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The 2013 Social Security wage base willbe going up again (just like the 2012 Social Security wage base increase). Thewage base in 2013 is $113,700. It’s an increase over the 2012 Social Securitywage base, which was $110,100. The wage base increase follows an increase lastyear over the 2011 Social Security wage base, which was $106,800.
More than 56 million Social Security recipients will seetheir monthly payments go up by 1.7 percent next year. The increase, whichstarts in January, is tied to a measure of inflation. It shows that inflationhas been relatively low over the past year, despite the recent surge in gasprices, resulting in one of the smallest increases in Social Security paymentssince automatic adjustments were adopted in 1975.
Social Security payments for retired workers average $1,237a month, or about $14,800 a year. A 1.7 percent increase will amount to about$21 a month, or $252 a year, on average.Social Security recipients received a 3.6 percent increasein benefits this year after getting none the previous two years. About 8 million people who receive Supplemental Security Incomewill also receive the cost-of-living adjustment, or COLA, meaning theannouncement will affect about 1 in 5 U.S. residents.
Read more by clicking on the link. http://www.usatoday.com/story/money/business/2012/10/16/social-security-benefits-2013/1636015/