|
Cost-of-Living Adjustment (COLA):
Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2006 through the third quarter of 2007, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 2.3 percent COLA for 2008. Other important 2008 Social Security information is as follows: |
| Tax
Rate |
2007 |
2008 |
| Employee |
7.65% |
7.65% |
| Self-Employed |
15.30% |
15.30% |
NOTE:
The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings. |
| Maximum Taxable Earnings: |
2007 |
2008 |
| |
$97,500 |
$102,000 |
| Medicare (HI only) |
No
Limit |
| Retirement Earnings Test Exempt Amounts: |
2007 |
2008 |
Under full retirement age
NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit. |
$12,960/yr.
($1,080/mo.) |
$13,560/yr.
($1,130/mo.) |
The year an individual reaches full retirement
age
NOTE: Applies only to earnings
for months prior to attaining full retirement age. One dollar in
benefits will be withheld for every $3 in earnings above the limit. |
$34,440/yr.
($2,870/mo.) |
$36,120/yr.
($3,010/mo.) |
| There is no limit
on earnings beginning the month an individual attains full retirement
age. |
| Social Security Disability Thresholds: |
2007 |
2008 |
| Substantial Gainful Activity (SGA) |
Non-Blind |
$ 900/mo. |
$ 940/mo. |
| Blind |
$1,500/mo. |
$1,570/mo. |
| Trial Work Period (TWP) |
$ 640/mo. |
$ 670/mo. |
Maximum Social Security Benefit:
Worker Retiring at Full Retirement Age |
2007
|
2008
|
|
$2,116/mo.
|
$2,185/mo.
|
| SSI Resources Limits: |
2007 |
2008 |
| Individual |
$2,000 |
$2,000 |
| Couple |
$3,000 |
$3,000 |
| Estimated Average Monthly Social Security Benefits
Payable in January 2008: |
Before
2.3% COLA |
After
2.3% COLA |
| All Retired Workers |
$1,055 |
$1,079 |
| Aged Couple, Both Receiving Benefits |
$1,722 |
$1,761 |
| Widowed Mother and Two Children |
$2,192 |
$2,243 |
| Aged Widow(er) Alone |
$1,017 |
$1,041 |
Disabled Worker, Spouse and
One or More Children |
$1,652 |
$1,690 |
| All Disabled Workers |
$ 981 |
$1,004 |
|
www.socialsecurity.gov
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