The New Year will bring several changes to calculations in Social Security. Most of the major changes are listed below.
|Maximum Benefit Amount|
|Maximum Taxable Earnings|
|Quarter of Coverage|
|Under Full Retirement Age|
|Year of Full Retirement Age|
|The calculation for the benefit amount has also changed. The new calculation is as follows.|
|2015 Primary Insurance Amount|
|$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