December 26th, 2013|
December 26, 2013
There are millions of Americans who depend on Social Security Disability Benefits as a resource for income; however, recipients can expect to see several major changes in the way benefits are processed and figured in the coming year.
One of the greatest changes is the increase in benefits that each recipient will see. According to an article released by the Senior Journal, Oscar Garcia, an Informational Specialist with the Social Security Administration, states there will be a 1.5 percent increase applied to all approved benefits claims in 2014. This will raise the amount the average recipient gets by an estimated $19 per month, while recipients of Supplemental Security Income will see an average increase of around $17 per month.
Other changes that will take effect next month include increases in the amount of earnings that are subject to Social Security payroll taxes. Previous law required only an individual’s first $113,700 of income was taxable, while beginning in January, the total will rise to $117,000.
Furthermore, the amount of earnings needed to receive Social Security coverage credit will increase. An individual will now have to make $1,200 in order to receive a credit, while previous law offered the credits for every $1,160 in earnings.
The Wisconsin Personal Injury Lawyers with Sigman, Janssen, Stack, Sewall & Pitz recognize how complex laws surrounding Social Security Benefits can be. That’s why the firm suggests speaking with an attorney if you are considering applying for such benefits.