Social Security Benefits to Increase |
The Social Security Administration (SSA) has announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 1.7 percent in 2015.
The rates for Old-Age, Survivors and Disability Insurance (OASDI) and Medicare Hospital Insurance (HI) taxes will remain at a combined 7.65 percent in 2015. Based on the increase in SSI benefits, the maximum taxable earnings for OASDI purposes will increase from $117,000 to $118,500.
In addition, the maximum possible Social Security payment for a worker who signs up at full retirement age will be $2,663 per month in 2015, up $21 from $2,642 in 2014.
If you have any questions about Social Security, please contact us.
|