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|