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Fact Sheet
SOCIAL SECURITY
Kenneth S. Apfel, Commissioner
1999 SOCIAL SECURITY CHANGES
- Cost-of-Living Adjustment (COLA):
Based on the increase in the Consumer Price Index (CPI-W)
from the third quarter of 1997 through the third quarter of
1998, Social Security beneficiaries and Supplemental Security
Income (SSI) recipients received a 1.3 percent COLA for 1999.
Other important 1999 Social Security information is as follows:
- Tax Rate:
| |
1998 |
1999 |
| 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 maximum taxable amount
(see below). The Medicare portion (HI) is 1.45% on all earnings.
- Maximum Earnings Taxable:
| |
1998 |
1999 |
| Social Security (OASDI only) |
$68,400 |
$72,600 |
| Medicare (HI only) |
No Limit* |
*The maximum was eliminated by the "Omnibus Budget Reconciliation
Act of 1993.
- Quarter of Coverage:
- Retirement Earnings Test Exempt Amounts:*
| |
1998 |
1999 |
| Age 65 thru 69 |
$14,500/yr |
$15,500/yr |
| |
($1,209/mo.) |
($1,292/mo.) |
| |
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| Under age 65 |
$ 9,120/yr |
$9,600/yr |
| |
($760/mo.) |
($800/mo.) |
*NOTE: For people age 65 through 69, $1 in benefits will be
withheld for every $3 in earnings above the limit. For people
under age 65, $1 will be withheld for every $2 in earnings above
the limit.
- Maximum Social Security Benefit: Worker Retiring at Age 65
in January of 1998 and 1999:
| 1998 |
|
1999 |
| $1,342/mo. |
|
$1,373/mo. |
- SSI Federal Payment Standard:
| |
1998 |
1999 |
| Individual |
$494/mo. |
$500/mo. |
| Couple |
$741/mo. |
$751/mo. |
- SSI Resources Limits:
| |
1998 |
1999 |
| Individual |
$2,000 |
$2,000 |
| Couple |
$3,000 |
$3,000 |
- Estimated Average Monthly Social Security Benefits: Before
and After the December 1998 COLA:
| |
Before 1.3% COLA |
After 1.3% COLA |
| All Retired Workers |
$ 770 |
$ 780 |
| Aged Couple, Both Receiving Benefits |
$1,293 |
$1,310 |
| |
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| Widowed Mother and Two Children |
$1,534 |
$1,554 |
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| Aged Widow(er) Alone |
$ 740 |
$ 749 |
| Disabled Worker, Spouse and One or More Children
|
$1,202 |
$1,217 |
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| All Disabled Workers |
$ 724 |
$ 733 |
For more detailed information on the cost-of-living
adjustment, how its computed and its history see the
Office of the Actuary page.
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www.socialsecurity.gov
