Social Security and Supplemental Security Income beneficiaries will see their monthly checks increase by 3.3% in 2007, according to the Social Security Administration.
The cost-of-living (COLA) increase in 2006 was 4.1%. The COLA adjustments are based on the Consumer Price Index.
The COLA increase will be reflected in Social Security checks starting in January 2007, while the increase for Supplemental Security Income beneficiaries will begin on December 30.
The maximum Social Security benefit for a worker retiring at full retirement age in 2006 is $2,053 per month. That amount will increase to $2,116. Full retirement age in 2007 will be 65 years and 10 months.
The estimated average Social Security monthly benefit payable in January 2007 will be $1,044, or $1,713 for an aged couple, both receiving benefits.
Click here for the Social Security Administration's fact sheet with information about the 2007 Social Security benefifts. (You must have Adobe Reader, available for free here, to view this document)
