Your 2013 COLA: 1.7%

Social Security has announced benefit changes for 2013. The cost-of-living adjustment that Social Security recipients will receive starting in January will be 1.7%.

FedSmith.com author John GrobeBy Categories Current Events, Federal Employee Pay News, Federal Employee Retirement Leave a comment

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

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About the Author

John Grobe is President of Federal Career Experts, a firm that provides pre-retirement training and seminars to a wide variety of federal agencies. FCE’s instructors are all retired federal retirement specialists who educate class participants on the ins and outs of federal retirement and benefits; there is never an attempt to influence participants to invest a certain way, or to purchase any financial products. John and FCE specialize in retirement for special category employees, such as law enforcement officers.

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