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5 Social Security Changes You Should Know About

1. The Cost of Living Adjustment Means More Money for You

The cost-of-living-adjustment (COLA) for 2015 is 1.7 percent. The average Social Security recipient will receive about $22 more each month.

2. The Maximum Social Security Benefit Increases

For those waiting for full retirement age the maximum monthly payment increase to $2,663. The average monthly retirement benefit for all recipients is $1,328.

3. The Wage Limit Subject to Taxes Increases

The amount of wages subject to the Social Security tax will go up by $1,500 — to $118,500.

4. Early Retirees Will Earn More

Workers taking retirement benefits early at age 62 can earn up to $15,720 next year — or $240 more — without any temporary reduction in payments.

5. Paper Statements Will Again Be Mailed

Paper statements of estimated benefits will again be mailed out by the SSA (for those without an online account). Workers turning 25, 30, 35, 40, 45, 50, 55 and 60 will receive a statement three months before their birthdays.

1. The Cost of Living Adjustment Means More Money for You

The cost-of-living-adjustment (COLA) for 2015 is 1.7 percent. The average Social Security recipient will receive about $22 more each month.

2. The Maximum Social Security Benefit Increases

For those waiting for full retirement age the maximum monthly payment increase to $2,663. The average monthly retirement benefit for all recipients is $1,328.

3. The Wage Limit Subject to Taxes Increases

The amount of wages subject to the Social Security tax will go up by $1,500 — to $118,500.

4. Early Retirees Will Earn More

Workers taking retirement benefits early at age 62 can earn up to $15,720 next year — or $240 more — without any temporary reduction in payments.

5. Paper Statements Will Again Be Mailed

Paper statements of estimated benefits will again be mailed out by the SSA (for those without an online account). Workers turning 25, 30, 35, 40, 45, 50, 55 and 60 will receive a statement three months before their birthdays.

Brian Schroeder
Brian Schroeder
Brian J Schroeder – Independent Broker - (925) 513-7778