Texas Social Security Disability Lawyers - Kraft & Associates

Social Security Disability - Kraft & Associates

Cost of Living Increase for Benefits in 2003

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

Kraft & Associates

2777 Stemmons Freeway
Suite 1300
Dallas, Texas 75207

Dallas: (214) 999-9999
Fort Worth: (817) 999-9999
Toll Free: (800) 989-9999
FAX: (214) 637-2118
E-mail: info@kraftlaw.com

Please direct general business inquiries to:
Ms. Nita Maki, Office Administrator
nmaki@kraftlaw.com

Kraft & Associates, P.C. maintains offices in Dallas, Texas. We serve all areas of North Texas, including Dallas County, Tarrant County, Denton County and the cities of Dallas, Fort Worth, Arlington, Irving, Grand Prairie, Garland, Mesquite, Richardson, Plano, Frisco, Carrollton, Farmers Branch, Lewisville, Hurst, Euless, Bedford, Grapevine, Coppell, Colleyville, Duncanville, DeSoto, Cedar Hill, Lancaster and Rockwall. We also accept cases throughout Texas, including Houston, Austin, San Antonio, Tyler, El Paso, Waco, Lubbock, Amarillo, Corpus Christi, Brownsville, Beaumont, Abilene, Wichita Falls, Laredo, Midland, Odessa, Texarkana or any other city in Texas.

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