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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 |
Agencies can request to have John Grobe, or another of Federal Career Experts' qualified instructors, deliver a retirement or transition seminar to their employees. FCE instructors are not financial advisers and will not sell or recommend financial products to class participants. Agency Benefits Officers can contact John Grobe at
[email protected] to discuss schedules and costs.
© 2021 John Grobe. All rights reserved. This article
may not be reproduced without express written consent from John Grobe.
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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