Understanding Social Security’s annual changes
Every year, Social Security undergoes changes to the various limits and benefit amounts beneficiaries are subject to. But how these changes are calculated and what they are based upon is a mystery to many. While COLA is based upon the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), most other changes are based upon changes in the National Wage Index. And here’s another piece of information: Social Security and Medicare are two separate and distinct programs each with different rules administered by different Government agencies, although Medicare premiums are normally taken from Social Security benefit payments. In his annual year-end column appearing at tucson.com (AZ), Tom Margenau explains how Social Security’s annual changes are determined, and how Medicare ties into Social Security. Click here to read more.
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