Cost of Living Increase for
Benefits in 2003 |
The Social Security Administration has announced
cost-of-Living Adjustments for 2007. The information
below is from the Social Security Administration Web
site.
Cost-of-Living Adjustment (COLA):
| Based on the increase in the
Consumer Price Index (CPI-W) from the third
quarter of 2005 through the third quarter of
2006, Social Security and Supplemental
Security Income (SSI) beneficiaries will
receive a 3.3 percent COLA for 2007. Other
important 2007 Social Security information
is as follows: |
|
Tax Rate |
2006
|
2007 |
|
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.
|
| Maximum Earnings Taxable: |
2006
|
2007
|
|
Social Security (OASDI only)
|
$94,200
|
$97,500
|
|
Medicare (HI only)
|
No Limit
|
|
Quarter of Coverage: |
2006
|
2007
|
|
|
$ 970
|
$1,000
|
|
Retirement Earnings Test Exempt Amounts: |
2006
|
2007
|
|
Under full retirement age
NOTE: One dollar
in benefits will be withheld for every $2 in
earnings above the limit.
|
$12,480/yr.
($1,040/mo.)
|
$12,960/yr.
($1,080/mo.)
|
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. |
$33,240/yr.
($2,770/mo.)
|
$34,440/yr.
($2,870/mo.)
|
|
There is no limit on earnings beginning the
month an individual attains full retirement age
(65 and 8 months for retirees born in 1941; 65
and 10 months for those born in 1942).
|
|
Social Security Disability Thresholds: |
2006
|
2007
|
|
Substantial Gainful Activity (SGA)
|
Non-Blind |
$ 860/mo.
|
$ 900/mo.
|
| Blind |
$1,450/mo.
|
$1,500/mo.
|
|
Trial Work Period (TWP)
|
$ 620/mo.
|
$ 640/mo.
|
Maximum Social Security
Benefit:
Worker Retiring at
Full Retirement Age in |
2006
|
2007
|
|
NOTE: For retirees born in 1941, full
retirement age is 65 and 8 months; for those
born in 1942, it is 65 and 10 months. Full
retirement age will gradually increase to
age 67 for those born in 1960 and later.
|
$2,053/mo.
(Age 65 and 8
months)
|
$2,116/mo.
(Age 65 and 10
months)
|
|
SSI Federal Payment Standard: |
2006
|
2007
|
|
Individual
|
$ 603/mo.
|
$ 623/mo.
|
|
Couple
|
$ 904/mo.
|
$ 934/mo.
|
| SSI Resources Limits: |
2006
|
2007
|
|
Individual
|
$2,000
|
$2,000
|
|
Couple
|
$3,000
|
$3,000
|
|
SSI Student Exclusion Limits: |
2006
|
2007
|
|
Monthly Limit
|
$1,460
|
$1,510
|
|
Annual Limit
|
$5,910
|
$6,100
|
| Estimated Average Monthly Social
Security Benefits Payable in January 2007: |
Before
3.3% COLA
|
After
3.3% COLA
|
|
All Retired Workers
|
$1,011
|
$1,044
|
|
Aged Couple, Both Receiving Benefits
|
$1,658
|
$1,713
|
|
Widowed Mother and Two Children
|
$2,098
|
$2,167
|
|
Aged Widow(er) Alone
|
$ 976
|
$1,008
|
|
Disabled Worker, Spouse and
One or More Children
|
$1,593
|
$1,646
|
|
All Disabled Workers
|
$ 947
|
$ 979
|
|
|
|
|
|
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 |
|
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