Social Security Will Not Be Increased for Massachusetts Consumers
On October 15, 2010, the Social Security Administration announced that, for the second year in a row, that cost of living benefits will not be increased. This is based on the Consumer Price Index which was flat for the latest one year period. This is the second year in a row that Massachusetts consumers will not see any rise in there monthly benefits. Those folks that rely on Social Security payments for the bulk of their income, have had two years in a row of zero increase. This applies to all 58.7 million beneficiaries.
Social Security income is the primary source of income for 64% of recipients; one third of all recipients rely on Social Security for 90% of their income.
The flip side of the equation is that the ceiling for workers paying into Social Security will not be allowed to be raised in 2011. That income ceiling is set now at $106,800. All earned income above that amount will not be taxed for Social Security.