The Social Security Administration declared a 1.5% cost-of-living adjustment for 2014. They also said, after the COLA adjustment, the estimated average retirement benefit will rise from $1,275 in 2013 to $1,294 in 2014.
Here are some additional 2014 figures declared by the SSA.
- The amount of taxable earnings subject to the Social Security tax will increase to $117,000 from $113,700 in 2013.
- The annual retirement earnings test exempt amount for beneficiaries under full retirement age will increase to $15,480 from $15,120 in 2013. If a beneficiary has earnings that exceed the exempt amount, $1 in benefits will be withheld for every $2 in earnings above the exempt amount.
- The annual retirement earnings test exempt amount that applies during the year a beneficiary reaches full retirement age will increase to $41,400 from $40,080 in 2013. If a beneficiary has earnings that exceed this amount, $1 in benefits will be withheld for every $3 in earnings above the exempt amount.
- The amount of earnings needed to earn one Social Security credit will increase to $1,200 from $1,160 in 2013.
