December 29, 2014

COMING OF AGE … AGAIN!

VitalChristinaBy Cristina Vital
Social Security Manager
Rock Island Social Security Office

Think back to when you were younger. Life was simple at the kids’ table. The smell of a home-cooked dinner filling the air on a lazy Sunday afternoon and, after dinner, everyone crowding around the TV to watch the last football game of the season. Fast-forward a few years, when the adults first invited you to their table and your life changed. Your coming-of-age moment had arrived! This rite of passage is a transition from asking permission to giving notice.

Coming-of-Age Day in Japan honors all the young people who reached age 20 during the past year.  This national holiday takes place on the second Monday of January and celebrates their privileges and responsibilities as new adults. Coming-of-age moments do not come just once in life. Another important coming-of-age moment occurs when you decide to retire. Social Security can help.

Determining when to retire is a personal decision, influenced by your preferences and lifestyle. We encourage you to go online to www.socialsecurity.gov/pubs and read our fact sheet, When To Start Receiving Retirement Benefits. You may find that this information helps you make an informed decision about the best time to retire.  Invest the time to learn what you should do now to enjoy your retirement later.

Once you have come of age to retire—or even before, while you are in the planning phase—our quick and convenient online services are available at www.socialsecurity.gov/retireonline. In as little as 15 minutes, you can soar through our online application.

It has never been easier to come of age at retirement! Take advantage of our services and resources to make the best decision for you at www.socialsecurity.gov.

RING IN THE NEW YEAR WITH A COLA

Happy New Year from Social Security! Put down the champagne and ring in the New Year with a COLA! Moreover, we do not mean the soda. In 2015, nearly 64 million Americans who receive Social Security or Supplemental Security Income (SSI) will receive a cost-of-living adjustment (COLA) increase to their monthly
benefit payments of 1.7 percent.

The average monthly Social Security benefit for a retired worker in 2015 is $1,328 (up from $1,306 in 2014). The average monthly Social Security benefit for a disabled worker in 2015 is $1,165 (up from $1,146 in 2014). For people who receive SSI, the maximum federal payment amount increased to $733 (up from $721 in 2014). Other Social Security changes in 2015 are also worth noting.  For example, the maximum amount of earnings subject to the Social Security payroll tax will increase to $118,500 (up from $117,000 in 2014).  A worker will earn one credit toward Social Security coverage after paying taxes on $1,220 in earnings in 2015 (up from $1,200 in 2014).  As a reminder, eligibility for retirement benefits still requires 40 credits (usually about10 years of work).

Information about Medicare changes for 2015 is available at www.medicare.gov. The Social Security Act outlines how the
COLA is calculated.
To read more about the COLA, please visit www.socialsecurity.gov/cola.
To learn more about other changes in 2015, read our fact sheet at www.socialsecurity.gov/news/press/factsheets/colafacts2015.html.

Filed Under: Retirement

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