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Will There Be A Raise In Social Security In 2011?

For many seniors, and people with disabilities, social security is a primary form of income. Unfortunately, the program is underfunded and does not provide enough of a benefit to provide a comfortable life. Luckily, there is always the chance that benefits could increase. Whether or not your social security benefit will be going up next year depends on various factors.

Your Contributions

The first reason why there may be a raise in social security in 2011 is because your contributions to the program could increase. If you are still working, and providing money to the social security fund, then you will receive more benefits in the future. This is because the benefit you receive out of the plan is partially impacted by the amount of money you contribute over time.

You Wait to Receive Benefit

The second reason why there may be a raise in social security in 2011 is because you are waiting to receive your benefits. To get social security, you only need to be 62 years old. However, the longer you wait to take the benefit, the more money you will receive. If you wait until next year, or the following, to take the benefit, then you could expect your payout to go up.

Inflation

The third reason why there may be a raise in social security in 2011 is because of inflation. Social security benefits tend to increase over time with inflation. Since the poor economy has led to little inflation, benefits have not increased too much over the past few years. However, as the economy continues to improve, inflation will set in. To compensate people for the inflationary increases, social security benefit may increase.



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