[Ohio-Talk] Social Security Work Incentives And More

[Suzanne Turner]

Ohio, Members and Friends,

 

On January 11, 2021 at 5:00 PM EDT. There will be a Zoom Conference call on
three key benefits, The Social Security Cost Of Living, Work Incentives and
the Personal Care Assistance Program.

 

Please share the information with anyone to whom you think will benefit from
learning about these programs.

 

If you are currently working, seeking employment or interested in work, than
this vital information is for you.

 

Also, I have inserted below for your review, the Social Security Fact Sheet
on the Cost Of Living Adjustment amounts for 2020 and 2021 at the bottom of
this email.

 

The top number in the fact sheet displays the 2020 adjustment and the bottom
is the upcoming 2021 adjustment amounts. If you have questions, please email
me at SMTurner.234 at gmail.com <mailto:SMTurner.234 at gmail.com> .

 

Our speakers will be Brandon Smith, who is the Public Affairs Specialist at
the Social Security Administration and Katie Scheetz, who is the Program
Specialist for PCA Program & Deaf Services at the Bureau of Services for the
Visually Impaired (BSVI).

 

These professionals are quite knowledgeable and will take your questions.

 

So, set this valuable meeting in your calendar. 

 

I will send out a reminder one week prior to the event.

 

///

 

Cost Of Living Adjustment: COLA facts2021

Social Security logo

2021 SOCIAL SECURITY CHANGES 

Cost-of-Living Adjustment (COLA): 

Based on the increase in the Consumer Price Index (CPI-W) from the third
quarter of 2019 through the third quarter of 2020, Social Security and
Supplemental Security Income (SSI) beneficiaries will receive a 1.3 percent
COLA for 2021. Other important 2021 Social Security information is as
follows: 

 

table with 3 columns and 3 rows

Tax Rate 

2020 

2021  

Employee 

7.65% 

7.65%  

Self-Employed 

15.30% 

15.30% 

table end

 

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. 

 

table with 4 columns and 9 rows

 

 

2020 

2021  

Maximum Taxable Earnings 

Social Security (OASDI only) 

$137,700 

$142,800  

Maximum Taxable Earnings  

Medicare (HI only) 

No Limit  

Quarter of Coverage 

 

$1,410 

$1,470  

Retirement Earnings Test Exempt Amounts 

Under full retirement age 

$18,240/yr. ($1,520/mo.) 

$18,960/yr. ($1,580/mo.)   

Retirement Earnings Test Exempt Amounts  

NOTE: One dollar in benefits will be withheld for every $2 in earnings above
the limit. 

Retirement Earnings Test Exempt Amounts  

The year an individual reaches full retirement age 

$48,600/yr. ($4,050/mo.) 

$50,520/yr. ($4,210/mo.)   

Retirement Earnings Test Exempt Amounts  

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. 

Retirement Earnings Test Exempt Amounts  

Beginning the month an individual attains full retirement age 

None 

table end

 

table with 5 columns and 18 rows

 

 

2020 

2021  

Social Security Disability Thresholds 

Substantial Gainful Activity (SGA) 

Non-Blind 

$1,260/mo. 

$1,310/mo.  

Social Security Disability Thresholds  Substantial Gainful Activity (SGA)  

Blind 

$2,110/mo. 

$2,190/mo.  

Social Security Disability Thresholds  Substantial Gainful Activity (SGA)  

Trial Work Period (TWP) 

$ 910/mo. 

$ 940/mo.  

Social Security Disability Thresholds  

Maximum Social Security Benefit: Worker Retiring at Full Retirement Age 

$3,011/mo. 

$3,148/mo.  

SSI Federal Payment Standard 

Individual 

$ 783/mo. 

$ 794/mo.  

SSI Federal Payment Standard  

Couple 

$1,175/mo. 

$1,191/mo.  

SSI Resource Limits 

Individual 

$2,000 

$2,000  

SSI Resource Limits  

Couple 

$3,000 

$3,000  

SSI Student Exclusion 

Monthly limit 

$1,900 

$1,930  

SSI Student Exclusion  

Annual limit 

$7,670 

$7,770  

Estimated Average Monthly Social Security Benefits Payable in January 2021 

 

Before 1.3% COLA 

After 1.3% COLA  

Estimated Average Monthly Social Security Benefits Payable in January 2021  

All Retired Workers 

$1,523 

$1,543  

Estimated Average Monthly Social Security Benefits Payable in January 2021  

Aged Couple, Both Receiving Benefits 

$2,563 

$2,596  

Estimated Average Monthly Social Security Benefits Payable in January 2021  

Widowed Mother and Two Children 

$2,962 

$3,001  

Estimated Average Monthly Social Security Benefits Payable in January 2021  

Aged Widow(er) Alone 

$1,434 

$1,453  

Estimated Average Monthly Social Security Benefits Payable in January 2021  

Disabled Worker, Spouse and One or More Children 

$2,195 

$2,224  

Estimated Average Monthly Social Security Benefits Payable in January 2021  

All Disabled Workers 

$1,261 

$1,277 

table end

 

Suzanne Turner, Ohio Affiliate Vice President

(216) 990-6199