The Social Security Administration announced a 1.7% cost-of-living adjustment for 2013. That adjustment will also cause an increase in the maximum amount of earnings subject to Social Security tax.
A retiree receiving $2,000 a month in Social Security benefits this year will receive $2,034 a month, starting in January. This boost is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of 2011 through the third quarter of 2012.
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