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SSA boosts Social Security benefits

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in Small Business Tax

The Social Security Administration (SSA) recently announced several cost-of-living adjustments for 2009. For starters, benefits will rise 5.8% in 2009. The “earnings test” threshold for working retirees also increases.

If you turn age 66 this year, you won’t lose any Social Security benefits if you earn $37,680 or less before your birthday (up from $36,120 for 2008). Someone between the ages of 62 and 66 can receive up to $14,160 without forfeiting any benefits (up from $13,560). There’s no dollar cap if you’re over age 66.

Read all the Social Security changes online at www.ssa.gov/pressoffice/colafacts.htm.

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