Social Security Administration Issues Cost-of-Living Adjustments for Social Security Benefits
The Social Security Administration announced a number of changes for Social Security benefits in 2013 based on increases in the Consumer Price Index from the third quarter of 2011 through the third quarter of 2012. The changes have led the SSA to account for a 1.7 percent cost-of-living increase when determining benefits.
Based on the changes, maximum taxable earnings for social security taxes will be increased to $113,700, up from $110,100 in 2012. The maximum social security benefit for a worker retiring at full retirement age will be increased from the current $2,513 per month to $2,533 per month in 2013.
The average estimated monthly Social Security benefits also rose, from $1,240 for all retired workers to $1,261. Average monthly payments increased for all beneficiaries, including couples, widowed mothers, aged widows and widowers, and disabled workers.
Though benefits and income were both adjusted for cost-of-living increases, the limits on personal resources for determining benefits remained the same: $2,000 for individuals and $3,000 for couples.
For a comprehensive breakdown of all the changes implemented as a result of the cost-of-living increase, visit the Social Security Administration’s website.
North Carolina Social Security Lawyers
If you feel that you are not receiving the Social Security benefits that you deserve, or if your claim for benefits has been denied, the North Carolina Social Security lawyers at the Law Offices of James Scott Farrin may be able to help you. Call 1-866-900-7078 today for a free evaluation of your case!