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Last updated on Tuesday, October 17, 2017
(WASHINGTON DC) - The Social Security Administration said that benefits for 61 million Social Security beneficiaries and 8 million Supplemental Security Income recipients will be increased by 2 percent beginning at the start of 2018.
The cost-of-living adjustment is computed on the basis of the past year's increase in the Consumer Price Index.
Also, SSA says the maximum amount of earnings subject to the Social Security payroll tax will be increased to $128,700 from $127,200.
The $1,500 increase will affect about 12 million taxpayers and generate an extra $2.75 billion for the Social Security program.
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