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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.

For more info on Social Security, Click Here

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