SOCIAL SECURITY AND MEDICARE UPDATE The annual inflation adjustments have been announced for the various social security amounts and thresholds, so we thought it would be a good time to update you for 2014. For social security beneficiaries under the full retirement age, the annual exempt amount increases to $15,480 in 2014, up from $15,120 [...]
2014 SOCIAL SECURITY WAGE BASE The Social Security Administration announced the wage base for computing social security tax for 2014 will increase to $117,000 from the 2013 wage base of $113,700. This means that for 2014, the maximum OASDI portion of the FICA tax an employee will pay is $7,254 ($117,000 x 6.2%), and employers [...]
As you approach retirement age, you must decide whether to begin taking reduced social security benefits early or wait until full benefits early or wait until full benefit retirement age (FBRA), or even later. In many cases, this decision will depend on factors other than trying to receive the greatest lifetime benefit from social security. [...]
Many people are aware that if they begin receiving social security retirement benefits prior to reaching their full benefit retirement age, their benefits will be reduced when their income exceeds a certain threshold ($15,120 in 2013). However, they may not know those lost benefits are partially restored upon reaching full retirement age. This is known [...]
The annual inflation adjustments have been made for the various social security amounts and thresholds. So, we thought it would be a good time to update you for 2013. The social security wage base, for computing the social security tax (OASDI only), increases to $113,700 in 2013, up from $110,100 for 2012. The additional [...]