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Wednesday, October 18, 2006 �, sEC, Mark Lassiter, Press Officer <br />For Immediate Release Y J A 410- 965 -8904 FAX 410- 966 -9973 <br />r <br />USA <br />V71 1111111 0 <br />IS Flk <br />News Releas <br />SOCIAL SECURITY <br />Social Security Announces 3.3 Percent Benefit Increase for 2007 <br />Monthly Social Security and Supplemental Security Income benefits for more than 53 million <br />Americans will increase 3.3 percent in 2007# the Social Security Administration announced <br />today. <br />Social Security and Supplemental Security Income benefits increase automatically each year <br />based on the rise its the Bureau of Labor Statistics' Consumer Price Index or Urban Wage <br />Fanners and Clerical Markers (CPI -w), from the third quarter of the prior year to the <br />corresponding period of the current gear-. This year's increase in the PI-W was 3.3 percent. <br />The 3.3 percent Cost-of-Living Adjustment (COLA) will begin with benefits that nearly <br />49 million Social Security beneficiaries receive in January 2007. Increased payments to more <br />than. 7 million. Supplemental Security Income beneficiaries will begin on December 29. <br />Some other changes that tale effect in January of each year are based on the increas -e in average <br />gages. Based on that increase, the maximum amount of earnings subject to the Social Security <br />tax (taxable maximum) will increase to 97-,_500 from $94,200. Of the estimated 163 million. <br />workers wh.o will pay Social Security taxes in 2007, about 11 million will pay higher taxes as a <br />result of the increase in the taxable maximum in 2007. <br />Information about Medicare changes for 2007 can be found at www.cros.hhs.gov4 <br />DOTE To CORRESPONDENTS: : A fact sheet showing the effect of the various automatic <br />adjustments is attached. <br />SSA Press Office 440 Altmeyer Building 6401 Security Blvd. Baltimore, MD 21235 410 - 965 -8904 FAX 410- 966 -9973 <br />