The SSA has issued a press release regarding Social Security's cost of living increase (COLA) for 2009. Several important amounts will be higher for 2009.
The SSI Federal Payment Standard will rise to $674 per month (from $637 per month for 2008).
The threshold for substantial gainful activity in 2009 will be $980 per month (up from $940 per month for 2008).
The threshold for trial work will be an even $700 per month in 2009 (up from $670 per month for 2008).
For those paying Social Security taxes, the maximum taxable earnings for 2009 will be $106,800 (up from $102,000 for 2008). As one might expect, there is a complicated formula to calculate that figure.
Hat tip to Charles T. Hall of Social Security News for the catch.
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