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 |
