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Social Security 2016 Update

This update provides new information for 2016 Social Security taxes and benefits.

SSI for NYS Residents:

Individual

Couple

 

$820/month

$1,204/month

 Maximum Earnings Taxable Social Security (OASDI) $118,500/year
 Quarter of Coverage Earnings Required

$1,260/quarter

Social Security Disability Threshold Substantial Gainful Activity (SGA)

Non-Blind

Blind

Trial Work Period

$1,130/month

$1,820/month

$810/month

 Cost-of-living Adjustment (COLA) for December (payable in January 2015)

 0%

 Maximum Social Security Benefit for Workers Retiring at Full Retirement Age*

$2,639

Retirement Earnings Test Exempt Amounts Under Full Retirement Age**

$15,720

 Year Individual reaches Full Retirement Age***

$41,880/year

 Full Retirement Age and over

No limit

*For retirees born in 1938, full retirement age is 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 full retirement age: $1 in benefits will be withheld for every $3 in earnings above the limit.

To download the pdf version of this chart, click here.

For the full 2016 Social Security changes, click here.

If you found this information helpful, check back over the next few weeks to view the 2016 updates for Medicare, Medicaid and Veteran Benefits.

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