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Social Security Benefits Increase in 2014

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After announcing that benefits increased 1.5% for 2014, the Social Security Administration provided some other information that may be of interest.

Benefits. 

The average benefit payable to retired workers is an estimated $1,294 a month (as of January 2014). Retired couples who both receive benefits get $2,111 on average. 

The maximum benefit for a worker retiring at full retirement age (FRA) is $2,642 a month. 

Taxes. 

The 6.2% Social Security payroll tax applies to the first $117,000 of 2014 earnings. Self-employed individuals pay 12.4% on the first $117,000 of earnings. 

Retirement earnings. 

Social Security recipients who haven’t reached FRA generally can earn as much as $15,480 this year before their benefits will be reduced ($41,400 if reaching FRA in 2014).

Seeking guidance on your Social Security strategy? Contact us today.

This material is provided for general information purposes only and is not a recommendation or solicitation to buy or sell any particular security, product or service. Past performance is not indicative of future investment results. Any investment involves potential risk, including potential loss of capital. Before making any investment decision, please consult your legal, tax and financial advisors. Non-deposit investment products are not bank deposits and are not insured or guaranteed by Canandaigua National Trust Company of Florida, or any federal or state government or agency and are subject to investment risks, including possible loss of principal amount invested.

Posted by Kelly Hohman at 08/20/2014 09:04:24 AM 

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