Effective December 31, 2012, Social Security beneficiaries will receive a 1.7 percent increase in their benefits. According to the latest statistics, nearly 62 million Americans currently receive Social Security and Supplemental Security benefits. The cost-of-living adjustment (COLA) is based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2011 through the third quarter of 2012.
Changes to Substantial Gainful Activity Classifications
Other changes taking effect in 2013 include an increase in what constitutes substantial gainful activity (SGA). The current SGA amount for non-blind beneficiaries will increase from $1010.00 per month to $1,040.00 per month in 2013. For blind beneficiaries, SGA will be $1,740.00 per month, up from $1,690.00 per month. The trial work period (TWP) amount has been raised to $750.00 per month, an increase from the current $720.00 per month.
New Maximum Earnings Subject to Social Security Tax
Due to a rise in average wages, the maximum amount of earnings subject to the Social Security tax has also increased. In 2013, the taxable maximum will increase from $110,100.00 to $113,700.00. According to the Social Security Administration, nearly 10 million people will pay higher taxes as a result of this increase.
Rob Levine & Associates helps disabled individuals obtain the benefits to which they’re entitled. Give us a call today at 866-LAW-SSDI to learn more about your right to compensation for your disability.