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Social Security Benefits to Increase 2.1 Percent

  • October 23rd, 2003

Monthly Social Security and Supplemental Security Income benefits will increase 2.1 percent in 2004, the Social Security Administration has announced. Social Security benefits increase automatically each year based on the rise in the Consumer Price Index. Last year's increase was 1.4 percent.

The 2.1 percent increase will begin with benefits that 47 million Social Security beneficiaries receive in January 2004. Increased payments to 7 million Supplemental Security Income beneficiaries will begin on December 31.

The average monthly benefit amount for all retired workers will rise from $903 to $922; for a couple, the average will go from $1,492 to $1,523. The maximum federal SSI monthly payment to an individual will rise from $552 to $564, and for a couple the SSI payment will go from $829 to $846. The maximum amount of earnings subject to the Social Security tax will increase to $87,900 from $87,000 in 2003.

For a Social Security news release on the benefit increase, go to: http://www.ssa.gov/pressoffice/pr/2004cola-pr.htm

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Last Modified: 10/23/2003

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