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2015 Social Security and Medicare Figures Announced

Every fall, the Social Security Administration (SSA) and the Centers for Medicare & Medicaid Services (CMS) announce limits and costs for the following year. This year the SSA has announced that beneficiaries will receive a 1.7% cost-of-living adjustment (COLA), and CMS has announced that the standard monthly Medicare Part B premium will remain the same for 2015.

 

Our Client Alert summarizes what's changing and what's staying the same, and can help you stay in touch with clients and prospects who may be affected by the new figures.

We'll continue to pass along timely, relevant information--providing fresh and interesting ways for you to engage and motivate your clients.


2014

2015

Social Security Cost-of-living adjustment (COLA)



For Social Security and Supplemental Security Income (SSI) beneficiaries

1.5%

1.7%

Tax rate



FICA tax--Employee

7.65%

7.65%

Social Security (OASDI) portion of tax

6.20%

6.20%

Medicare (HI) portion of tax

1.45%

1.45%

Self-Employed

15.30%

15.30%

Social Security (OASDI) portion of tax

12.40%

12.40%

Medicare (HI) portion of tax

2.90%

2.90%

Maximum taxable earnings



Social Security (OASDI only)

$117,000

$118,500

Medicare (HI only)

No limit

No limit

Quarter of coverage



Earnings required

$1,200

$1,220

Retirement earnings test--exempt amounts



Under full retirement age



Benefits reduced by $1 for each $2 earned above:

   

Yearly figure

$15,480

$15,720

Monthly figure

$1,290

$1,310

Year individual reaches full retirement age



Benefits reduced by $1 for each $3 earned above (applies only to earnings for months prior to attaining full retirement age):

   

Yearly figure

$41,400

$41,880

Monthly figure

$3,450

$3,490

Beginning the month individual attains full retirement age

No limit on earnings

No limit on earnings

Social Security disability thresholds



Substantial gainful activity (SGA): for the sighted (monthly figure)

$1,070

$1,090

Substantial gainful activity: for the blind (monthly figure)

$1,800

$1,820

Trial work period (TWP) (monthly figure)

$770

$780

SSI federal payment standard



Individual (monthly figure)

$721

$733

Couple (monthly figure)

$1,082

$1,100

SSI resource limits



Individual

$2,000

$2,000

Couple

$3,000

$3,000

SSI student exclusion limits



Monthly limit

$1,750

$1,780

Annual limit

$7,060

$7,180

Maximum Social Security benefit



Worker retiring at full retirement age (monthly figure)

$2,642

$2,663

Formula for Monthly Primary Insurance Amount (PIA) (90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y)

X=$816 Y=$4,917

X=$826 Y=$4,980

 

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