Monthly Social Security and
Supplemental Security Income (SSI) benefits for nearly 63 million Americans
will increase 1.5 percent in 2014, the Social Security Administration announced
today.
The 1.5 percent cost-of-living
adjustment (COLA) will begin with benefits that more than 57 million Social
Security beneficiaries receive in January 2014. Increased payments to
more than 8 million SSI beneficiaries will begin on December 31, 2013.
Some other changes that take effect in
January of each year are based on the increase in average wages. Based on
that increase, the maximum amount of earnings subject to the Social Security
tax (taxable maximum) will increase to $117,000 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.
Information about Medicare changes for
2014 is available at www.Medicare.gov.
The Social Security Act provides for
how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.
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