Social Security today announced their benefit changes for 2013. The cost-of-living adjustment that Social Security recipients will receive, beginning in their January payments, will be 1.7%.
It is expected that OPM will soon announce 1.7% COLAs for all CSRS retirees and for FERS retirees eligible for the COLA. FERS retirees (other than special category employees) do not begin earning a COLA until age 62.
Here are additional Social Security changes that were announced today.
|Amount of income out of which SS payroll taxes are taken||$113,700||$110,100|
|Amount needed to earn a quarter of coverage (credit)||$1,160||$1,130|
|Earnings test from age 62 until the year full retirement age is reached||$15,120||$14,640|
|Earnings test in year full retirement age is reached||$40,080||$38,880|
|Substantial gainful activity for disability recipient||$1,040||$1,010|
John Grobe’s latest book, The Answer Book on Your Federal Employee Benefits, has just been released by LRP Publications. Order your copy at shoplrp.com. Ask your human resources office to contact Federal Career Experts about pre-retirement training.