http://ap.tbo.com/ap/breaking/MGBK6F1HSEE.htmlSocial Security Benefits to Increase 4.1 Percent Next Year
By Martin Crutsinger The Associated Press
WASHINGTON (AP) - More than 48 million Americans will get a 4.1 percent increase in their monthly Social Security checks next year, the largest increase in more than a decade. For the average retiree, it will mean an increase of $39 a month.
The cost of living adjustment, or COLA, was announced Friday by the Social Security Administration. It will be the biggest increase since a 5.4 percent gain in 1991. The increase last January was 2.7 percent. <snip>
But about one-fourth of the monthly cost of living increase will be eaten up by a rise in Medicare premiums. The government earlier announced that the monthly Medicare premium that goes to pay for doctor's visits and other services will increase by $10.30 a month starting next year.
And retirees and all Americans will be facing sharply higher energy bills this winter. The government is estimating that the average household will pay 48 percent more this year to heat with natural gas and 32 percent more for heating oil. <snip>
The Social Security Administration also announced Friday that 11.3 million workers will pay higher taxes next year because the maximum amount of Social Security earnings subject to the payroll tax will rise from $90,000 currently to $94,200 next year. In all, an estimated 159 million workers will pay Social Security taxes next year. <snip>
http://ap.tbo.com/ap/breaking/MGB6QLYHSEE.htmlConsumer Prices Surge in September by Largest Amount in 25 Years
By Martin Crutsinger The Associated Press
Published: Oct 14, 2005
WASHINGTON (AP) - <snip>The Labor Department reported Friday that inflation jumped 1.2 percent last month. It said that 90 percent of that increase came from a record-setting 12 percent surge in energy prices which reflected gasoline prices that briefly topped $3 per gallon last month after widespread shutdowns of refineries and oil and natural gas platforms along the Gulf Coast.
Meanwhile, the Federal Reserve reported that the devastating hurricanes sent output at the nation's factories, mines and utilities plunging by 1.3 percent in September, the biggest one-month drop in more than 23 years. <snip>
The sharp jump in consumer prices in September helped to push next year's cost of living adjustment for 48 million Social Security recipients to 4.1 percent, the biggest advance since 1991. <snip>
In other economic news, the Commerce Department reported that retail sales managed to post a small increase of 0.2 percent in September. However, that tiny gain came after a huge 1.9 percent plunge in retail sales in August. <snip>