Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 52 million Americans will increase 4.1% in 2006, the Social Security Administration announced today. The 4.1% cost-of-living adjustment (COLA) will begin in January 2006 with benefits that more than 48 million Social Security beneficiaries receive. Increased payments to 7 million SSI beneficiaries will begin on December 30, 2005.
The maximum amount of earnings subject to Social Security payroll tax will also increase from $90,000 to $94,000.
