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Oct 21, 2009

Cost Of Living Changes

Since there will be no cost of living adjustment (COLA) in Social Security benefits this year I had not paid that much attention to Social Security's COLA announcement. However, even though there was no change in the overall COLA, some important numbers have been adjusted. Here is Social Security's announcement:

Monthly Social Security and Supplemental Security Income (SSI) benefits will not automatically increase in 2010 as there was no increase in the Consumer Price Index (CPI-W) from the third quarter of 2008 to the third quarter of 2009. Other important 2010 Social Security information is as follows:


Maximum Taxable Earnings:
2009
2010
Social Security (OASDI only)
$106,800
$106,800*
Medicare (HI only)
No Limit

Quarter of Coverage:
2009
2010
Earnings needed to earn one Social Security credit
$1,090
$1,120

Retirement Earnings Test Exempt Amounts:
2009
2010
Under full retirement age
NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit.
$14,160/yr.
($1,180/mo.)
$14,160/yr.*
($1,180/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.
$37,680/yr.
($3,140/mo.)
$37,680/yr.*
($3,140/mo.)
There is no limit on earnings beginning the month an individual attains full retirement age.

Social Security Disability Thresholds:
2009
2010
Non-Blind
$ 980/mo.
$1000/mo.
Blind
$1,640/mo.
$1,640/mo.*
$ 700/mo.
$ 720/mo.

SSI Federal Payment Standard:
2009
2010
Individual
$ 674/mo.
$ 674/mo.*
Couple
$1,011/mo.
$1,011/mo.*

SSI Student Exclusion:
2009
2010
Monthly Limit
$1,640
$1,640*
Annual Limit
$6,600
$6,600*


* Because there is no COLA, by statute these amounts remain unchanged in 2010.

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  • 2 Comments:

    Anonymous Anonymous said...

    I love this statement in all the Cola info "On September 24th, the House passed legislation by 406-18 that would, on a fully paid-for basis, prevent abnormally large premium increases. The President is calling on the Senate to enact this legislation before it becomes too late for the Social Security Administration to update its computer systems to implement this needed change."

    So if Congress doesn't pass this by a certain date SSA can't do anything about it, I think not. More Obama BS.

    9:13 AM, October 21, 2009  
    Anonymous Anonymous said...

    ?So if Congress doesn't pass this by a certain date SSA can't do anything about it, I think not. More Obama BS."

    Sorry, but there are hard deadlines involved in handling this non-COLA COLA and it's very true that if the date is missed, one changes the job from doing it right the first time to having to go in later and make changes retroactively.

    Sure the legislation can be implemented whenever it gets signed, but there is a huge cost to missing the deadline and having to do something over that could have been done right the first time.

    12:36 PM, October 21, 2009  

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