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Government giveth and taketh away!!
FROM AARP NOVEMBER 2000
Social Security COLA largest in nine years
SS checks will rise by 3.5% in 2001, the biggest cost-of-living increase since 1992. Experts attribute the size of the 2001 increase to growing inflation fueled by surging energy prices.
The average monthly check for beneficiaries will rise by $29 to $845 next year, up from $816 this year. This compares with an increase of 2.4% for 2000, which translated into an average rise of $19 per month.
The maximum SS benefit for a worker retiring at 65 in 2001 will increase to $1,536 a month from $1,433 a month in 2000.
The maximum Supplemental Security Income (SSI) monthly payment to an individual will rise from $512 to $530. For a couple, the maximum SSI payment will increase from $769 to $796.
The monthly premium paid by enrollees for coverage of doctor bills under Part B of Medicare will rise in 2001 to $50 from $45.50.
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