Earlier I had posted the Cost Of Living Adjustments (COLAs) for Social Security benefit payments and the user fee charged to those who represent Social Security claimants. Here are Social Security's tables showing all of the major adjustments (and a lot of things that should be adjusted for inflation, but are not, most notably the SSI resource limits which have never been adjusted for inflation since the SSI program was created more than 30 years ago):
Tax Rate | 2008 | 2009 |
---|---|---|
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 Taxable Earnings: | 2008 | 2009 |
---|---|---|
Social Security (OASDI only) | $102,000 | $106,800 |
Medicare (HI only) | No Limit |
Quarter of Coverage: | 2008 | 2009 |
---|---|---|
Earnings needed to earn one Social Security credit | $1,050 | $1,090 |
Retirement Earnings Test Exempt Amounts: | 2008 | 2009 |
---|---|---|
Under full retirement age NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit. | $13,560/yr. ($1,130/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. | $36,120/yr. ($3,010/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: | 2008 | 2009 | |
---|---|---|---|
Non-Blind | $ 940/mo. | $ 980/mo. | |
Blind | $1,570/mo. | $1,640/mo. | |
Trial Work Period (TWP) | $ 670/mo. | $ 700/mo. |
Maximum Social Security Benefit: Worker Retiring at Full Retirement Age | 2008 | 2009 |
---|---|---|
$2,185/mo. | $2,323/mo. |
SSI Federal Payment Standard: | 2008 | 2009 |
---|---|---|
Individual | $ 637/mo. | $ 674/mo. |
Couple | $ 956/mo. | $1,011/mo. |
SSI Resources Limits: | 2008 | 2009 |
---|---|---|
Individual | $2,000 | $2,000 |
Couple | $3,000 | $3,000 |
SSI Student Exclusion: | 2008 | 2009 |
---|---|---|
Monthly Limit | $1,550 | $1,640 |
Annual Limit | $6,240 | $6,600 |
Estimated Average Monthly Social Security Benefits Payable in January 2009: | Before 5.8% COLA | After 5.8% COLA |
---|---|---|
All Retired Workers | $1,090 | $1,153 |
Aged Couple, Both Receiving Benefits | $1,773 | $1,876 |
Widowed Mother and Two Children | $2,268 | $2,399 |
Aged Widow(er) Alone | $1,051 | $1,112 |
Disabled Worker, | $1,695 | $1,793 |
All Disabled Workers | $1,006 | $1,064 |
1 comment:
"and a lot of things that should be adjusted for inflation, but are not, most notably the SSI resource limits which have never been adjusted for inflation since the SSI program was created more than 30 years ago" While the resource limits do need to be adjusted for inflation the above statement is inaccurate. In 1974 the SSI resource limit was $1500 for an individual and $2250 for a couple. Beginning in January 1985, the limit was raised each January until 1989, when they reached $2000/$3000. You can verifify this at https://secure.ssa.gov/apps10/poms.nsf/lnx/0501110003!opendocument
Post a Comment