Social Security Stimulus Package Breakdown for 2009, 2010
63Social Security Stimulus Package Breakdown
Do you currently receive social security benefits? The social security administration just released information regarding the cost-of-living adjustment for 2010 on October 15, 2009.
Consumer prices have been down over the past year so anyone who currently receives or will receive social security benefits or supplemental income benefits will not see an automatic increase in 2010.
This will be the first time since 1975 that recipients will not receive an increase for the cost-of-living. This typical increase is determined by the consumer price index (CPI-W) from the third quarter of the last two previous years.
President Obama has called on Congress to extend the economic recovery payment for 2010. He is hoping that this will compensate the 57 million Americans that receive social security. He has asked for a one time payment of $250.00 to benefit the recipients.
Other changes you will see in 2010 are:
- The maximum amount of earnings will not increase, these earnings are subject to the social security tax.
- The retirement earnings amounts will not increase either.
There are ways however to maximize your social security payments. The number one recommendation is delaying claiming benefits, if at all possible.
Some of the benefits to delaying your claim are as follows:
- You will receive 25% increase in your payment for retiring at 66 instead of 62. Age 66 is considered full retirement and age 62 is considered early retirement. For example: At age 62 for an early retirement if your payment was $750.00 and you delayed your claim until age 66 you would receive $1,000.00 monthly.
- You will receive another 25% increase in your payment if you delay your claim until age 70 instead of age 66. Age 70 is considered delayed retirement. For example: If you were to receive a payment of $1,000.00 at age 66 for full retirement and you delayed your claim until age 70 you would receive $1,320.00 monthly.
If this information pertains to you, visit TurboTax Online today to use a free tax calculator to see how this adjustment will affect your tax liability.
Free Tax Refund Calculator
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Back in the 60's or 70's the Republicans stated that they wanted to break social security. For some reason they don't like it. I wish they had to live on it. But, for now, they continue to do everything they can to ruin social security. IT's ALL REPUBLICAN! BLAME THEM!
Social Security is a rip off. Why can't we work and make more than 14,600 dollars and still draw our SS? If we are working we have SS withheld from our salary plus taxes and if we aren't working we only draw money from SS and don't give any back. This doesn't make any sense to me. If one has any decent job they make more money than that and we can't live on what they pay us so what are we to do?
all they are doing is lining their own pockets and the hell with the people on social security
There is a bill being written by one of the new Republican congressman that freezes federal workers pay for 3 years along with a 3 year freeze for congress. This will help our national debt but will do very little to help all of us who are dependent on social security. What we really need is to abolish the entitlements for congressmen. They can vote themselves a raise anytime they want. We really need an amendment to the Constitution taking away at least 50% of all their perks, cutting 50% from their retirement and best of all, no retirement if they only serve 4 years. That would indicate to me that they did a lousy job,and like the rest of us, they would do as we do -- scramble to make a living. These are the most expensive entitlements of our federal budget. Go to the polls and vote Republican. It's the only chance we have.
I don't know how they figure the cost of living didn't go up when everything I buy cost more than it did a year ago - and tet is just food and they neccessities of life!
I want to know where these people who determine te consumer price index shop because thst is where I want to go!
all they are doing is playing with people minds no one is getting anything i even called social s
why does senators the pres and congress get cost of living and people like me drawing 883 amont rasing 3 children dosent get one dam dime on disabilty?
Al 16 months ago
If government employee's had to draw SS instead of their retirement you would see drastic changes made.