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A 'raise' for people who get Social Security
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[January
03, 2013]
SPRINGFIELD -- As we ring in a
new year, we can expect to see a number of changes. Social Security
is no exception. In 2013, people who receive Social Security or
Supplemental Security Income payments will see their benefits
increase.
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Beginning in 2013, a 1.7 percent cost-of-living adjustment is
applied to all Social Security and SSI payments. The average monthly
Social Security benefit for a retired worker in 2013 is $1,261 (up
from $1,240 in 2012), and the average monthly Social Security
benefit for a disabled worker in 2013 is $1,132 (up from $1,113 in
2012). These changes are reflected in SSI payments dated Dec. 31 and
Social Security payments dated in January 2013. For people who
receive SSI, the maximum federal payment amount has risen to $710,
up from $698.
Other Social Security changes in 2013 are worth noting. For
example, a worker now pays Social Security tax on up to $113,700 of
annual income, up from $110,100 in 2012. A worker earns one credit
after paying taxes on $1,160 in earnings in 2013, up from $1,130. As
always, a worker may earn a maximum of four credits each year and a
person generally needs 40 credits, or 10 years of work, to be
eligible for retirement benefits.
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 To learn more about these and other changes
for 2013, visit the Social Security website at
www.socialsecurity.gov, and read the fact sheet about the
changes:
www.socialsecurity.gov/
pressoffice/factsheets/colafacts2013.htm.
[By JUDITH BARTELS, Social Security
district manager in Springfield] |
