Your 2013 COLA: 1.7%

By • October 16, 2012

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.

2013 2012
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

© 2014 John Grobe. All rights reserved. This article may not be reproduced without express written consent from John Grobe.

Tags: ,

About the Author (  |   )

John Grobe is President of Federal Career Experts, a consulting firm that specializes in federal retirement and career transition issues. John retired from federal service after 25 years of progressively more responsible human resources positions. He is the author of Understanding the Federal Retirement Systems and Career Transition: A Guide for Federal Employees, both published by the Federal Management Institute. Federal Career Experts provides pre-retirement seminars for a wide variety of federal agencies.

Comments

If you are an Internet Explorer user, please note that Disqus may not render properly in compatability view mode.

Free Email Updates

Sign up for our free email updates to get our latest news sent directly to your inbox
  • Our top stories sent each business day
  • More news from your FedSmith.com authors
  • The day's closing prices for the TSP funds
  • Videos for the federal workforce