|
Cost-of-Living Adjustment (COLA):
Based on the increase in the Consumer Price Index
(CPI-W) from the third quarter of 2005 through the third quarter
of 2006, Social Security and Supplemental Security Income (SSI)
beneficiaries will receive a 3.3 percent COLA for 2007. Other
important 2007 Social Security information is as follows:
|
| Tax
Rate |
2006 |
2007 |
| 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 Earnings Taxable: |
2006 |
2007 |
| |
$94,200 |
$97,500 |
| Medicare (HI only) |
No
Limit |
| Retirement Earnings Test Exempt Amounts: |
2006 |
2007 |
Under full retirement age
NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit. |
$12,480/yr.
($1,040/mo.) |
$12,960/yr.
($1,080/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. |
$33,240/yr.
($2,770/mo.) |
$34,440/yr.
($2,870/mo.) |
| There is no limit
on earnings beginning the month an individual attains full retirement
age (65 and 8 months for retirees born in 1941; 65 and 10 months
for those born in 1942). |
| Social Security Disability Thresholds: |
2006 |
2007 |
| Substantial Gainful Activity (SGA) |
Non-Blind |
$ 860/mo. |
$ 900/mo. |
| Blind |
$1,450/mo. |
$1,500/mo. |
| Trial Work Period (TWP) |
$ 620/mo. |
$ 640/mo. |
Maximum Social Security Benefit:
Worker Retiring at Full Retirement Age in |
2006
|
2007
|
NOTE: For retirees born
in 1941, full retirement age is 65 and 8 months; for those born
in 1942, it is 65 and 10 months. Full retirement age will gradually
increase to age 67 for those born in 1960 and later. |
$2,053/mo.
(Age 65 and 8 months) |
$2,116/mo.
(Age 65 and 10 months) |
| SSI Resources Limits: |
2006 |
2007 |
| Individual |
$2,000 |
$2,000 |
| Couple |
$3,000 |
$3,000 |
| Estimated Average Monthly Social Security Benefits
Payable in January 2007: |
Before
3.3% COLA |
After
3.3% COLA |
| All Retired Workers |
$1,011 |
$1,044 |
| Aged Couple, Both Receiving Benefits |
$1,658 |
$1,713 |
| Widowed Mother and Two Children |
$2,098 |
$2,167 |
| Aged Widow(er) Alone |
$ 976 |
$1,008 |
Disabled Worker, Spouse and One or More Children |
$1,593 |
$1,646 |
| All Disabled Workers |
$ 947 |
$ 979 |
|
www.socialsecurity.gov
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