The Herald Bulletin

Morning Update

Columns

December 29, 2013

Charo Boyd: Social Security cost of living increases on way in 2014

Many people ring in the new year with champagne. People who receive Social Security or Supplemental Security Income (SSI) get to ring it in with a COLA.

In 2014, more than 60 million Americans will receive a 1.5 percent cost of living adjustment (COLA) in their monthly benefit payment.

The 1.5 percent COLA begins with increased benefits for more than 57 million Social Security beneficiaries in January 2014, and payments to more than 8 million SSI recipients in late December 2013.

The estimated average monthly Social Security payment to a retired worker is $1,294 (in 2014), up from $1,275 (in 2013). The average monthly Social Security disability payment for an individual is $1,148 (in 2014), up from $1,131 (in 2013).

The basic monthly federal payment for SSI is $721 (in 2014), up from $710 (in 2013).

Some other changes that take effect in January of each year are based on the increase in average wages. For example, the maximum amount of earnings subject to the Social Security payroll tax (taxable maximum) will increase to $117,000, up from $113,700.

Of the estimated 165 million workers who will pay Social Security taxes in 2014, about 10 million will pay higher taxes as a result of the increase in the taxable maximum.

The amount of earnings needed for one credit of Social Security coverage has gone up, as well. But all workers can still earn up to four credits in a year. In 2014, a worker earns a credit after earning $1,200. In 2013, one credit of coverage was $1,160. It takes forty credits to be fully insured for retirement benefits.

Information about Medicare changes for 2014 is available at www.medicare.gov. Visit www.socialsecurity.gov/pressoffice to learn more about the COLA and other Social Security changes in 2014.

From everyone at Social Security, have a Happy New Year.

Charo Boyd is Social Security public affairs specialist for east central Indiana. Her column appears every other Monday on the Business page.

1
Text Only
Columns
  • OPN - Mootry column mug [Duplicate] [Duplicate] Primus Mootry: The African-American community toward a new narrative African Americans are entirely unique in the annals of American history and, perhaps, the whole history of mankind. This uniqueness demands an African American agenda and, with it, a new narrative, or way of articulating that agenda.

    July 29, 2014 1 Photo

  • underwood mug [Duplicate] [Duplicate] Scott Underwood: Headlines can capture imagination I'd just left the newspaper office one morning and was driving north on Jackson Street, when I stopped at a red light and glanced at the rearview mirror.

    July 28, 2014 1 Photo

  • Charo Boyd: 'My Social Security' simplifies your life So many people buzz through extremely busy and complicated schedules these days. A smartphone in one hand, a computer in front of you, and a digital task list that never seems to end. In addition, to complicate things just a little more, there’s another event you need to add to your list — National Simplify Your Life week.

    July 28, 2014

  • Maureen Hayden: 9/11 Commission chair scolds Congress for national security failures Retired Congressman Lee Hamilton has warned of the perils of political ideology, calling the body where he spent 34 years “noxiously partisan.” Now, he worries the divide is downright dangerous.

    July 27, 2014

  • Vaughan, Nancy mug [Duplicate] Nancy Vaughan: Fireworks and fireflies mean summer in full swing Hasn't July been a fabulous month? It began with multiple fireworks venues and parades and ends with fairs and football in full swing. We have been blessed with mild weather and if you haven't had to travel much outside of the county, roadwork has been minimal.

    July 26, 2014 1 Photo

  • Ken de la Bastide: City unions go without contracts for many years How Anderson deals with unions has changed dramatically over the years. In the past it would have been unheard of for union members to continue to work without a contract or an agreed upon deadline. But members of three unions that represent Anderson city employees have been working without a new contract agreement for up to seven years.

    July 26, 2014

  • Jim Bailey: Traveling by passenger train was a page from the past My wife doesn’t remember riding on a full-fledged passenger train as a baby. Our children have never ridden. It’s an experience rapidly going the way of the horse and buggy and the stagecoach throughout a nation now obsessed with jumbo jets and sport-utility vehicles.

    July 26, 2014

  • Howard Hewitt: When it comes to wines, small can be very good Repeating the familiar is an easy way to go through life as is taking the safe road. We all do that but find unexpected rewards when taking the path less traveled. That little bit of philosophy applies to visiting wine country.

    July 26, 2014

  • Maleah Stringer: Hats off to the staff at Animal Protection League I often talk about the wonderful volunteers and community support we have at the Animal Protection League. And that volunteers are every non-profits "life blood" this is true for the Animal Protection League as well.

    July 26, 2014

  • Clark, Big Joe mug 'Big Joe' Clark: Beat the market or meet your goals? True or not, my experience tells me that goals – especially when written down – undoubtedly serve as catalysts for success. However, danger arises when a goal does not properly focus on the long term result you expect.

    July 25, 2014 1 Photo

Featured Ads
More Resources from The Herald Bulletin
AP Video
Raw: Japanese Soldiers Storm Beach in Exercises Raw: Weapons Fire Hits UN School in Gaza Raw: Rocket Launches Into Space With Cargo Ship Broken Water Main Floods UCLA Two Women Narrowly Avoid Being Hit by Train In Virginia, the Rise of a New Space Coast New Sanctions on Key Sectors of Russian Economy Crayola Announces Family Attraction in Orlando US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium
Front page
Poll

Now that Andrew Luck is getting ready to start the third year of his NFL career, did the Colts make the right decision to release Peyton Manning and turn the offense over to Luck?

Yes, the future is bright.
No, the Colts would have won another Super Bowl by now if they had kept Manning.
Don't know; don't care
     View Results