Texas Social Security Disability Lawyers - Kraft & Associates

Social Security Disability - Kraft & Associates

Cost of Living Increase for Benefits in 2003

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Fact Sheet
Social Security

2003 SOCIAL SECURITY CHANGES

**Cost-of-Living Adjustment (COLA):**
Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2001 through the third quarter of 2002, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 1.4 percent COLA for 2003. Other important 2003 Social Security information is as follows:

Tax Rate	2002	2003
Employee	7.65%	7.65%
Self-Employed	15.30%	15.30%
NOTE: The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings.

Maximum Earnings Taxable:	2002	2003
Social Security (OASDI only)	$84,900	$87.000
Medicare (HI only)	No Limit

Quarter of Coverage:	2002	2003
Earnings required	$870	$890

Retirement Earnings Test Exempt Amounts:	2002	2003
Under full retirement age NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit.	$11,280/yr. ($940/mo.)	$11,520/yr. ($960/mo.)
Year individual reaches full retirement age NOTE: Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit.	$30,000/yr. ($2,500/mo.)	$30,720/yr. ($2,560/mo.)
There is no limit on earnings beginning the month an individual attains full retirement age (65 for retirees born in 1937; 65 and 2 months for those born in 1938).

*Social Security Disability Thresholds*		2002	2003
Substantial Gainful Activity (SGA)	Non-Blind	$780/mo.	$800/mo.
Substantial Gainful Activity (SGA)	Blind	$1,300/mo.	$1,330/mo.
Trial Work Period (TWP)		$560/mo.	$570/mo.

Maximum Social Security Benefit: Worker Retiring at Full Retirement Age in	*January 2002* (Age 65)	*March 2003* (Age 65 and 2 months)
NOTE: For retirees born in 1937, full retirement age is 65; for those born in 1938, it is 65 and 2 months. Full retirement age will gradually increase to age 67 for those born in 1960 or later.	$1,660/mo.	$1,741/mo.

SSI Federal Payment Standard:	2002	2003
Individual	$545/mo.	$552/mo.
Couple	$817/mo	$829/mo.

SSI Resources Limits:	2002	2003
Individual	$2,000	$2,000
Couple	$3,000	$3,000

SSI Student Exclusion Limits:	2002	2003
Monthly Limit	$1,320	$1,340
Annual Limit	$5,340	$5,410

Estimated Average Monthly Social Security Benefits Payable in January 2003:	Before 1.4% COLA	After 1.4% COLA
All Retired Workers	$ 882	$895
Aged Couple, Both Receiving Benefits	$1,463	$1,483
Widowed Mother and Two Children	$1,812	$1,838
Aged Widow(er) Alone	$ 850	$ 862
Disabled Worker, Spouse and One or More Children	$1,376	$1,395
All Disabled Workers	$ 822	$ 833

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