WASHINGTON, D.C., (KNOE 8 News) - Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 62 million Americans will increase 1.7 percent in 2013.
The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2012.
Some additional changes will hit others still working as well.
Some changes are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $113,700 from $110,100. Of the estimated 163 million workers who will pay Social Security taxes in 2013, nearly 10 million will pay higher taxes as a result of the increase in the taxable maximum.
Information about Medicare changes for 2013, when announced, will be available at www.Medicare.gov. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.
2013 Social Security Changes
Tax Rate:
2012
2013
Employee
7.65%*
7.65%
Self-Employed
15.30%*
15.30%
NOTE: The 7.65% tax rate is the combined rate for Social
Security and Medicare. The Social Security portion (OASDI) is 6.20% on
earnings up to the applicable taxable maximum amount (see below). The
Medicare portion (HI) is 1.45% on all earnings.
* The Temporary
Payroll Tax Cut Continuation Act of 2011 reduced the Social Security payroll
tax rate by 2% on the portion of the tax paid by the worker through the end
of February 2012. The Middle Class Tax Relief and Job Creation Act of
2012 extended the reduction through the end of 2012. Under current law,
this temporary reduction expires at the end of December 2012.
Maximum Taxable Earnings:
2012
2013
Social Security (OASDI only)
$110,100
$113,700
Medicare (HI only)
N o L i m i
t
Quarter of Coverage:
2012
2013
Earnings needed to earn one Social
Security Credit
$1,130
$1,160
Retirement Earnings Test Exempt Amounts:
2012
2013
Under full retirement age
$14,640/yr.
$15,120/yr.
($1,220/mo.)
($1,260/mo.)
NOTE: One dollar in benefits will be withheld for every $2 in
earnings above the limit.
The year an individual reaches full
retirement age
$38,880/yr.
$40,080/yr.
($3,240/mo.)
($3,340/mo.)
NOTE: Applies only to earnings for months prior to attaining full
retirement age. One dollar in benefits will be withheld for every $3 in
earnings above the limit.
There is
no limit on earnings beginning the month an individual attains full
retirement age.
Social Security Disability Thresholds:
2012
2013
Substantial Gainful Activity (SGA)
Non-Blind
$1,010/mo.
$1,040/mo.
Blind
$1,690/mo.
$1,740/mo.
Trial Work Period (TWP)
$720/mo.
$750/mo.
Maximum Social Security
Benefit: Worker Retiring at Full Retirement Age:
2012
2013
$2,513/mo.
$2,533/mo.
SSI Federal Payment Standard:
2012
2013
Individual
$698/mo.
$710/mo.
Couple
$1,048/mo.
$1,066/mo.
SSI Resources Limits:
2012
2013
Individual
$2,000
$2,000
Couple
$3,000
$3,000
SSI Student Exclusion:
2012
2013
Monthly limit
$1,700
$1,730
Annual limit
$6,840
$6,960
Estimated Average Monthly Social Security
Benefits Payable in January 2013:
Wednesday, June 19 2013 11:11 AM EDT2013-06-19 15:11:30 GMT
MONROE, La. (KNOE 8 News) - One person has died, following a collision between a train and a car in northern Ouachita Parish. Also, another person is injured after that wreck.
MONROE, La. (KNOE 8 News) - One person has died, following a collision between a train and a car in northern Ouachita Parish. Also, another person is injured after that wreck.
Tuesday, June 18 2013 7:27 PM EDT2013-06-18 23:27:15 GMT
TALLULAH, La. (KNOE 8 News) - Board members at Madison Parish Hospital put the CEO on administrative leave earlier this month and they told us why on Tuesday.
TALLULAH, La. (KNOE 8 News) - Board members at Madison Parish Hospital put the CEO on administrative leave earlier this month and they told us why on Tuesday.
Wednesday, June 19 2013 12:45 PM EDT2013-06-19 16:45:59 GMT
SHREVEPORT, La. (KNOE 8 News/AP) - Shreveport police have arrested a 32-year-old woman in the death of a toddler who was brought to the hospital on Monday.
SHREVEPORT, La. (KNOE 8 News/AP) - Shreveport police have arrested a 32-year-old woman in the death of a toddler who was brought to the hospital on Monday.
Thursday, June 20 2013 12:02 AM EDT2013-06-20 04:02:06 GMT
WEST MONROE, La. (KNOE 8 News) – Wednesday, Governor Bobby Jindal signed bills into law aimed at improving gun safety and protecting Second Amendment rights.
WEST MONROE, La. (KNOE 8 News) – Wednesday, Governor Bobby Jindal signed bills into law aimed at improving gun safety and protecting Second Amendment rights.
Wednesday, June 19 2013 2:03 PM EDT2013-06-19 18:03:32 GMT
EUNICE, La. (AP) - The "sexting" case against former Eunice High School teacher Jackie Fruge, originally filed in Eunice Municipal Court, is likely to be upgraded to a felony and moved to the state district court.
EUNICE, La. (AP) - The "sexting" case against former Eunice High School teacher Jackie Fruge, originally filed in Eunice Municipal Court, is likely to be upgraded to a felony and moved to the state district court.
Wednesday, June 19 2013 12:14 PM EDT2013-06-19 16:14:55 GMT
NEW ORLEANS (KNOE 8 News/AP) - A 13-year-old boy from a New Orleans suburb has been arrested after authorities say he told them he used TV wrestling moves on his 5-year-old half-sister, who died from the beating.
NEW ORLEANS (KNOE 8 News/AP) - A 13-year-old boy from a New Orleans suburb has been arrested after authorities say he told them he used TV wrestling moves on his 5-year-old half-sister, who died from the beating.
