Speculation has circled for years now that Social Security is at the tail end. The future is bleak for the program, and millions of Americans are attempting to prepare for what it takes to prosper once they are too old to work. But, recent changes to Social Security as seen by a Social Security Lawyer in Grand Haven have found some rather telling evidence. Signs seem to point that current Social Security is anything but fading away. New Americans coming into the program should expect to find at least three major changes. Speak to a Social Security Lawyer in Grand Haven if any of these changes is not being applied.
Cost-of-Living Boost
The very well-known nature of inflation is having an effect on Social Security. The cost-of-living is going up, and a marginal boost in SS is being applied to fit the new standards. Recipients should expect to see an average of 1.7% added to their Social Security payment every month. This should come to between $20 to $40 extra (singles get $20, couples get $40 on average).
The Maximum Has increased
The maximum allowance for Social Security has jumped up a small amount. Recipients can now apply for a maximum of $2,663 per month. This is an increase of $21. The increase is to reflect new changes in inflation and standards in living. The cost is applied in 2015. All recipients should be allowed to reach for this new peak though changes for how the peak is reached have not been changed. Elements such as disability, war service, and other characteristics still apply.
The Tax Cap is Hire
In practice, recipients pay into the Social Security system until they have contributed roughly $117,000. Once that number is reached, no new taxes on Social Security will apply. This cap has been inflated to about $118,500. This ends up being about six to twelve months of additional taxable SS. Do not hesitate to click here to find more.
A Social Security Lawyer in Grand Haven suggests that SS is not in a dire situation. The above facts indicate that inflation is having a big effect. Aside from that, payments are consistent and fair in this big and complex retiree system.
Whether you were seriously injured as the result of an accident, a disability, a fire, or other calamity and you are unable to work, contact Bleakley Law Offices P.C. to see if you qualify for Social Security Disability Benefits.
