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Friday, January 9, 2015

2015 Changes for Social Security

as posted by Social Security Administration 

Cost-of-Living Adjustment (COLA):
Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2013 through the third quarter of 2014, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 1.7 percent COLA for 2015. Other important 2015 Social Security information is as follows:
Tax Rate:
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. Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicare taxes. The tax rates shown above do not include the 0.9 percent.
Maximum Taxable Earnings:
Social Security (OASDI only)$117,000$118,500
Medicare (HI only)N o   L i m i t
Quarter of Coverage:

Retirement Earnings Test Exempt Amounts:
Under full retirement age
NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit.
The year an individual reaches full retirement age
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:
Substantial Gainful Activity (SGA)


Trial Work Period (TWP)$770/mo.$   780/mo.
Maximum Social Security Benefit:
Worker Retiring at Full Retirement Age$2,642/mo.$2,663/mo.
SSI Federal Payment Standard:
Individual$721/mo.$  733/mo.
SSI Resources Limits:
SSI Student Exclusion:
Monthly limit$1,750$1,780
Annual limit$7,060$7,180
Estimated Average Monthly Social Security Benefits Payable in January 2015:
1.7% COLA
1.7% COLA
All Retired Workers$1,306$1,328
Aged Couple, Both Receiving Benefits$2,140$2,176
Widowed Mother and Two Children$2,635$2,680
Aged Widow(er) Alone$1,253$1,274
Disabled Worker, Spouse and One or More Children$1,943$1,976
All Disabled Workers$1,146$1,165

SSA Press Office 440 Altmeyer Building 6401 Security Blvd. Baltimore, MD 21235 

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