2014 COLA Adjustment and more

2014 COLA adjustment, changes to SGA, TWP, and more…

The Social Security Administration (SSA) announced a modest 1.5% cost-of-living adjustment (COLA) for 2014. Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will see a slight increase as follows: “The monthly SSI federal benefit rate for an individual will increase from the previous level of $710 to $721 and the monthly rate for a couple will increase from $1,066 to $1,082. The New York supplement will remain at $87 for individuals and $104 for couples living alone; the living with others supplements remain at $23 and $46, respectively. A 2014 New York State SSI benefit chart is available at: http://otda.ny.gov/policy/directives/2013/INF/13-INF-07-Attachment-1.pdf.”

The Substantial Gainful Activity (SGA) threshold for Non-Blind has increased to $1,070 and for Blind has increased to $1,800. The Trial Work Period (TWP) threshold increased to $770. The maximum taxable earnings for OASDI (old-age, survivors and disability insurance) purposes will increase to $117,000 in 2014. The quarter of coverage amount has also increased to $1,200. “Most beneficiaries will continue to pay Medicare Part B monthly premiums from of $104.90 per month in 2014. Some higher earning beneficiaries will have higher premium rates. http://www.medicare.gov/your-medicare-costs/costs-at-a-glance/costs-at-glance.html.

For SSA’s Fact Sheet on 2014 Social Security Changes, see http://www.socialsecurity.gov/pressoffice/factsheets/colafacts2014.pdf.

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