Social Security checks to go up 1.7 percent
WASHINGTON – More than 56 million Americans on Social Security will get raises averaging $19 a month in January, one of the smallest hikes since automatic adjustments for inflation were adopted in 1975, the government announced Tuesday.
Much of the 1.7 percent increase in benefits could get wiped out by higher Medicare premiums, which are deducted from Social Security payments.
At the same time, about 10 million working people who make more than $110,100 will be hit with a tax increase next year because more of their wages will be subjected to Social Security taxes.
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