[Ohio-talk] FW: Social Security Announces 1.7 Percent Benefit Increase for 2015--ACTION
Suzanne Turner
smturner.234 at gmail.com
Wed Oct 22 15:39:07 UTC 2014
From: Smith, Brandon [mailto:Brandon.Smith at ssa.gov]
Sent: Wednesday, October 22, 2014 10:48 AM
To: Suzanne Turner (smturner.234 at gmail.com)
Subject: FW: Social Security Announces 1.7 Percent Benefit Increase for 2015--ACTION
Importance: High
Hi Suzanne,
Here is the information for you about the COLA.
Thanks,
Brandon
From: ||CHI RPA
Sent: Wednesday, October 22, 2014 10:43 AM
To: #CH All ADOs Only; #CH All PA Specialists
Cc: #CH RO Exec Staff RC Only
Subject: FW: Social Security Announces 1.7 Percent Benefit Increase for 2015--ACTION
Importance: High
Good Morning,
Happy COLA Day. Below is the COLA press release and fact sheet we just shared with regional-level congressional offices, advocates, and media contacts. Please distribute widely to your local community organization and advocates lists. Also, attached are updated Word versions of the Spanish documents. All of the English and Spanish docs are now live on our public website. Thank you in advance for your assistance and call us if you have any questions.
Carmen M.
From: ||CHI RPA
Sent: Wednesday, October 22, 2014 9:22 AM
To: Moreno, Carmen RO Chicago
Subject: Social Security Announces 1.7 Percent Benefit Increase for 2015
Wednesday, October 22, 2014
For Immediate Release
Carmen M. Moreno, Regional Communications Director
chi.rpa at ssa.gov <mailto:chi.rpa at ssa.gov>
<http://www.vocus.com/images/pr/ssa_logo.jpg>
News Release
SOCIAL SECURITY
Social Security Announces 1.7 Percent Benefit Increase for 2015
Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 64 million Americans will increase 1.7 percent in 2015, the Social Security Administration announced today.
The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that more than 58 million Social Security beneficiaries receive in January 2015. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2014. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
Some other changes that take effect in January of each year 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 $118,500 from $117,000. Of the estimated 168 million workers who will pay Social Security taxes in 2015, about 10 million will pay higher taxes because of the increase in the taxable maximum.
Information about Medicare changes for 2015 is available at www.Medicare.gov <http://www.medicare.gov/> .
The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola <http://www.socialsecurity.gov/cola> .
# # #
NOTE TO CORRESPONDENTS: Below is a fact sheet showing the effect of the various automatic adjustments.
<http://www.vocus.com/images/pr/ssa_logo.jpg>
Fact Sheet
SOCIAL SECURITY
2015 SOCIAL SECURITY CHANGES
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:
2014 2015
Tax Rate:
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. 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:
$1,200 $1,220
Retirement Earnings Test Exempt Amounts:
Under full retirement age $15,480/yr. $15,720/yr.
($1,290/mo.) ($1,310/mo.)
NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit.
The year an individual reaches full $41,400/yr. $41,880/yr.
retirement age ($3,450/mo.) ($3,490/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:
Substantial Gainful Activity (SGA)
Non-Blind $1,070/mo. $1,090/mo.
Blind $1,800/mo. $1,820/mo.
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.
Couple $1,082/mo. $1,100/mo.
SSI Resources Limits:
Individual $2,000 $2,000
Couple $3,000 $3,000
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:
Before After
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 $1,943 $1,976
One or More Children
All Disabled Workers $1,146 $1,165
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