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COLA that’s healthy for families

October 16th, 2012 · No Comments · Blog, Featured Home Page Post

Today, the Social Security Administration announced that social security and supplemental security income beneficiaries will receive a 1.7 percent Cost-of-Living Adjustment (COLA) for 2013. What does this mean?

  • Benefits will increase. The COLA changes will increase for all retired workers, elderly couples both receiving benefits, those receiving survivor’s benefits (both widowers and children), and disabled workers and their families will see a 1.7 % increase to their monthly checks.  Also,
  • The amount you can earn while working with benefits will go up. For those receiving SSI benefits, the monthly Substantial Gainful Activity threshold has risen from $1,010 to $1,040 for non-blind beneficiaries and from $1,690 to $1,740 for blind recipients. In 2013, beneficiaries will have to earn $750, up from $720, in order for a month of work to register as a trial work period month. For students receiving benefits, the SSI student inclusion has also gone up.
  • How you pay into Social Security has changed. For those receiving an income or self-employed (and not necessarily receiving benefits), the maximum taxable earnings has risen from $110,100 to $113,700. Also, the amount someone needs to earn in one quarter in order to achieve one social security “credit” has increased to $1160 from $1130.

These changes will go into effect in January 2013. For more information on these changes, visit  www.socialsecurity.gov/cola, or see the announcement.

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