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Social Security 2014 Update
This update provides new information for 2014 for many items such as Social Security taxes and benefits. This is the first of a four part series of updates for 2014. If you found this information helpful, we will be posting the charts for Medicare, Medicaid and Veteran Benefits over the next 3 weeks.
| SSI for NYS Residents Individual……………….$ 808/month Couple…………………….$ 1,186/month |
Maximum Social Security Benefit for Workers Retiring at Full Retirement Age* …………………………………..$ 2,642/month |
| Maximum Earnings Taxable Social Security (OASDl)…………………..$ 117,700/year |
Retirement Earnings Test Exempt Amounts Under Full Retirement Age** ……………………………………$ 15,480/year |
| Quarter of Coverage Earnings Required……$ 1,200/quarter |
Year Individual reaches Full Retirement Age*** ……………………………………$ 41,400/year |
| Social Security Disability Threshold Substantial Gainful Activity (SGA) Non-Blind……………….$ 1,070/month Blind……………………….$ 1,800/month Trial Work Period…….$ 770/month |
Full Retirement Age and over ……………………………………$ No limit |
| Cost-of-living Adjustment (COLA) for December (payable in January 2014) ……………………………….$ 1.5% |
*For retirees born in 1938, full retirement age is age 65 and 2 months. Full retirement age will gradually increase to age 67 for those born after 1959. For those born in 1942, full retirement age is 65 years, 10 months. For those born between 1943 and 1954, full retirement age is 66 years. Those born on January 1st should refer to the previous year.
**$1 in benefits will be withheld for every $2 in Earnings above the limit.
***Applies to earnings for months prior to Retirement age: $1 in benefits will be withheld for every $3 in earnings above the limit.
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