[Ohio-talk] 2016 Social Security Changes

[Sheila]

Thank you so much.

Sent from my iPhone

> On Nov 18, 2015, at 10:59 AM, Suzanne Turner via Ohio-talk <ohio-talk at nfbnet.org> wrote:
> 
> colafacts2016.pdf
> 
> 2016 SOCIAL SECURITY CHANGES 
> 
> o Cost-of-Living Adjustment (COLA): 
> 
> Monthly Social Security and Supplemental Security Income (SSI) benefits will
> not automatically increase in 2016 as there was no increase in the Consumer
> 
> Price Index (CPI-W) from the third quarter of 2014 to the third quarter of
> 2015. Other important 2016 Social Security information is as follows: 
> 
> 2015 2016 
> 
> o 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. 
> 
> o Maximum Taxable Earnings: 
> 
> Social Security (OASDI only) $118,500 $118,500* 
> 
> Medicare (HI only) N o L i m i t 
> 
> o Quarter of Coverage: $1,220 $1,260 
> 
> o Retirement Earnings Test Exempt Amounts: 
> 
> Under full retirement age $15,720/yr. $15,720/yr.* 
> 
> ($1,310/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 $41,880/yr. $41,880/yr.* 
> 
> retirement age ($3,490/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. 
> 
> o Social Security Disability Thresholds: 
> 
> Substantial Gainful Activity (SGA) 
> 
> Non-Blind $1,090/mo. $1,130/mo. 
> 
> Blind $1,820/mo. $1,820/mo.* 
> 
> Trial Work Period (TWP) $ 780/mo. $ 810/mo. 
> 
> o Maximum Social Security Benefit: Worker Retiring at Full Retirement Age: 
> 
> $2,663/mo. $2,639/mo.** 
> 
> o SSI Federal Payment Standard: 
> 
> Individual $ 733/mo. $ 733/mo.* 
> 
> Couple $1,100/mo. $1,100/mo.* 
> 
> o SSI Resources Limits: 
> 
> Individual $2,000 $2,000 
> 
> Couple $3,000 $3,000 
> 
> o SSI Student Exclusion: 
> 
> Monthly limit $1,780 $1,780* 
> 
> Annual limit $7,180 $7,180* 
> 
> o Estimated Average Monthly Social Security Benefits Payable in January
> 2016: 
> 
> All Retired Workers $1,341 
> 
> Aged Couple, Both Receiving Benefits $2,212 
> 
> Widowed Mother and Two Children $2,680 
> 
> Aged Widow(er) Alone $1,285 
> 
> Disabled Worker, Spouse and $1,983 
> 
> One or More Children 
> 
> All Disabled Workers $1,166 
> 
> * Because there is no COLA, by law these amounts remain unchanged in 2016. 
> 
> ** A decrease in full maximum benefits occurs when there is no COLA, but
> there is an increase in the national average wage index.
> 
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