Social Security Changes for 2015

The New Year will bring several changes to calculations in Social Security.  Most of the major changes are listed below.

Maximum Benefit Amount
2014 2015
$2,642 $2,663
Maximum Taxable Earnings
2014 2015
$117,000 $118,500
Quarter of Coverage
2014 2015  
$1,200 $1,220
Earnings Limit  
Under Full Retirement Age
2014 2015  
$15,480 $15,720
Year of Full Retirement Age
2014 2015  
$41,400 $41,880
The calculation for the benefit amount has also changed.  The new calculation is as follows.
2015 Primary Insurance Amount
AIME* PIA  
$0–$826 90%
$826–$4,980 $743.40 plus 32% of the excess over $826
$4,980 + $2,046.72 plus 15% of the excess over $4,980
*AIME (Average Indexed Monthly Earnings)—The dollar amount used to calculate
your PIA (Primary Insurance Amount). To arrive at your AIME, your actual past earnings are adjusted using an “average wage index,” so the value of past earnings in
relation to your more recent earnings is more accurate.

 

If we can help you with any Social Security, retirement planning or other investment related issue, please don’t hesitate to Contact us.

Source of all information is: http://www.ssa.gov/news/press/factsheets/colafacts2015.html

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