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SOCIAL SECURITY
COLUMN
Ring in the new year with a COLA
By Becky
Whitlow, Social Security district manager in
Springfield
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[December 18, 2013]
SPRINGFIELD — Many people ring in the new year with Champagne.
People who receive Social Security or Supplemental Security Income
get to ring it in with a COLA. This year, more than 60 million
Americans are receiving a 1.5 percent cost-of-living adjustment,
known as a COLA, in their monthly benefit payment.
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 The 1.5 percent adjustment begins with increased benefits for
more than 57 million Social Security beneficiaries in January 2014
and in payments to more than 8 million SSI recipients in late
December 2013.
The estimated average monthly Social Security payment to a
retired worker is $1,294 in 2014, up from $1,275 in 2013. The
average monthly Social Security disability payment for an individual
is $1,148 in 2014, up from $1,131 in 2013.
The basic monthly federal payment for SSI will be $721 in 2014,
up from $710 in 2013.
Some other changes that take effect in January each year are
based on the increase in average wages. For example, the maximum
amount of earnings subject to the Social Security payroll tax, known
as the taxable maximum, will increase to $117,000, up from $113,700.
Of the estimated 165 million workers who will pay Social Security
taxes in 2014, about 10 million will pay higher taxes as a result of
the increase in the taxable maximum.
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The amount of earnings needed for one credit of Social Security
coverage has gone up as well, but all workers can still earn up to
four credits in a year. In 2014, a worker earns a credit after
earning $1,200. In 2013, one credit of coverage was $1,160. It takes
40 credits to be fully insured for retirement benefits.
Information about Medicare changes for 2014 is available at
www.medicare.gov.
Visit www.socialsecurity.gov/pressoffice to learn more about the
COLA and other Social Security changes in 2014.
From everyone at Social Security, have a happy new year.
[By BECKY WHITLOW, district manager with the
Social Security office
in Springfield] |
