News and Press

New Social Security Figures

The Social Security Administration recently announced changes for 2007, including:

Beneficiaries will receive a 3.3 percent cost-of-living adjustment, which will be automatically reflected in monthly Social Security benefit checks beginning in January. This adjustment is expected to provide an additional $33 per month to the average retired individual ($55 per month for a retired couple).

The maximum Social Security monthly benefit for a worker retiring at full retirement age will increase to $2,116, up from $2,053 in 2006.

The maximum annual earnings subject to Social Security taxes will rise to $97,500, up from $94,200 in 2006.

Earnings required for a quarter of coverage will increase to $1,000, up from $970 in 2006.

The retirement earnings test exempt amount for a beneficiary under full retirement age will rise to $12,960 per year ($1,080 per month), up from $12,480 per year ($1,040 per month) in 2006. In the year an individual reaches full retirement age, the limit will be $34,440 ($2,870 per month), up from $33,240 ($2,770 per month) in 2006.

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