2007 SSA Benefits Increases

[Guest guest]

Every year Social Security benefits are raised through a cost-of-

living adjustment. A couple of days ago I was asked about what to

expect, so I looked up the 2007 Fiscal Year Social Security Budget.

I thought some of you would like to know.

Effective on January 1, 2007, Old Age, Survivors and Disability

Insurance (SSDI) beneficiaries will receive a 2.6% increase in their

monthly benefits payments. The national average monthly benefit for

a retired worker is $1,032 per month, which will increase by about

$64. The national average monthly benefit for a disabled worker is

$961 per month, which will increase by about $60.

Effective on January 1, 2007, the federal SSI benefit is projected to

increase from $602 for an individual to $619, and $904 for a couple

to $928. The states which supplement SSI may or may not adjust the

state portion of SSI benefits. Sometimes states lower the supplement

to offset the federal increase.

Here are some links about SSA COLAs:

Social Security Cost-Of-Living Adjustments

http://www.ssa.gov/OACT/COLA/colaseries.html

History of Automatic Cost-Of-Living Adjustments

http://www.ssa.gov/cola/automatic-cola.htm