Did you know that for 2012 there have been several changes made to social security benefits? Here are some of the changes we think you should be aware of:
• There will be a gross increase of 3.6% to social security benefits. However, the rates for Medicare have yet to be disclosed and therefore the net increase of social security is still undetermined.
• The amount of your earnings that are subject to tax has increased up to $110,100
• The amount of earnings required to be subjected to Social Security taxes in order to receive a quarter of coverage has been increased to $1,130
• The earnings limitations for those taxpayers who have yet to reach 66 years old, for those born between 1943 and 1954 (before having to repay benefits) has increased to $14,640 per year.
• If you have reached full retirement age, you are able to earn $38,880 before having to pay Social Security benefits back.
• The new Social Security monthly benefit maximum is $2,513
• The monthly SSI Federal Payment standard has increased to $698 for an individual per month and $1,048 for married couples.
• The SSI Student Exclusion Limits have increased to $1,700 per month with an annual limit of $6,840.
• The Substantial Gainful Activity earnings have increased to $1,010 each month if you are a non-blind, disabled recipient, but if you are a blind, disabled recipient you monthly amount has been increased to $1,690 a month. The Trial Work Period earnings are remaining the same at $720 per month.
