2014 Social Security
Announces 1.5 Percent Benefit Increase for 2014
Monthly Social Security
and Supplemental Security Income (SSI) benefits for nearly 63
million Americans will increase 1.5 percent in 2014, the Social
Security Administration announced today.
The 1.5 percent
cost-of-living adjustment (COLA) will begin with benefits that more
than 57 million Social Security beneficiaries receive in January
2014. Increased payments to more than 8 million SSI beneficiaries
will begin on December 31, 2013.
Some other changes that
take effect in January of each year are based on the increase in
average wages. Based on that increase, the maximum amount of
earnings subject to the Social Security tax (taxable maximum) will
increase to $117,000 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
Medicare changes for 2014 is available at www.Medicare.gov.
The Social Security Act
provides for how the COLA is calculated. To read more, please visit
2014 Medicare Part B
Premium: In 2013 this premium has been
$104.90 for most of us.
This premium applied
to incomes less than $85,000/year.
On October 28 it was
announcement by the Centers for Medicare & Medicaid Services (CMS)
that there will be
no increase in 2014 Medicare Part B premiums and deductibles, and
more than $8 billion in cumulative savings in the prescription drug
coverage gap known as the “donut hole.”
good news for Medicare beneficiaries that have seen the cost of
their Part B premiums increase in the past few years.
the base Part B premiums increased $5 per month to $104.90. Due to
slower growth in Medicare costs, Part B premiums will stay at that level for 2014. People with
incomes above $85,000 will continue to pay more per month for their
Medicare Part B premium.
For graduated increases, based on