Social Security

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j 3.7 Percent Rise Ahead In Benefits

According to Del Brooks. Manager of the Wildwood Social Security Office. Social Security and Sup1 plemenlal Security Income beneficiaries will receive a cost-of-living increase of I 3.1 percent in Ihe benefit checks Social Security beneficiaries receive Jan. 3. 1986 and SSI recipients receive Dec. 31. 1985. For Social Security beneficiaries, the average monthly benefit amount for all retired workers will rise from $484 to $478. Under the law. Social Security and SSI checks increase automatically each year if the consumer price index for urban wage earners and clerical workers (CPI-Wt rises 3.0 percent or more from the third quarter of one year through the corresponding period of the next. K A S E I) O N T II E September CPI-W released by the Bureau of l^ibor l statistics, an automatic benefit increase of 3.1 percent will become effective I at the end of 1985. The 37 million Social Security beneficiaries and 4 million SSI recipients will receive the increase. Benefit payments from the Social Security trust funds are estimated to be $5.8 billion higher in 1988 than in 1985 because of the automatic increase. The 1986 cost of the SSI increase will be about $285 million.

payable from the general funds of the treasury. In addition, the maximun amount of annual earnings subject to the social security tax will increase from $39,600 to $42,000 on Jan. 1. 1986. the Social Security Administration has announced. THE 1 9X6 EARNINGS base was determined under automatic adjustment provisions of the law and is tied to the increase in average wages as determined on the basis of data provided by the Internal Revenue Service. A number of other changes will als'o become effective Jan. 1. as a result of these automatic adjustment provisions. They include: •The maximum amount of earnings that a beneficiary under age 65 may have without losing any social security benefits will increase from $5,400 this year to $5,760 in 1986 •The exempt amount for beneficiaries aged 65 through 69 will increase from $7,320 to $7,800 in 1986. •The amount of earnings required to be credited with a quarter of coverage will increase to $440,. up from $410 this year. AS PROVIDED for under current law. the tax rale for employes and employers in 1*986 will be 7]15 percent each. This year the tax rate is 7.05 percent. As a result of the in-

creases in the earnings base and the rax rate, the maximum yearly social security tax paid by employes and employers, each, will rise by $211.20. to $3,003. The maximum social security tax paid by selfemployed individuals will rise by $493.20. to $5,166. reflecting both the increase in the wage earnings and an increase in the effective tax rate from 11.8 percent to 12.3 percent. Under the law, the tax rate for the self-employed will rise from 14.1 percent in 1985 to 14.3 percnet in 1986. Tax credits are available in both years, however, the tax credit in 1986 is 2.0 percent, making the effective tax rate 12.3 percent. ^.cialskclhVT^ mm Q. WHAT percentage would a widow collect at age 65 from her deceased husband's Social Security? A. By waiting until age 65 to receive survivor's benefits, a widow or widower collects 100 percent of his or her deceased spouse's benefit.

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