Social Security Disability Changes for 2018
Each year, Social Security changes the benefits to adjust for increases in the cost of living. Unfortunatley, they are bound by law to use an index that does not accurately refkect the true increases that people are experiencing
As a law firm that has specialized in social security disability benefits since 1994, Keefe Law is always up to date on the changes the administration makes year after year. It’s smart to go over these changes whether you are already receiving benefits or if you just are thinking about applying.
Here are the changes recently announce by Social Security
-The first major change is the 2% cost of living increase adjustment that will begin in 2018. That that means is that benefits will increase by 2% across the board.
Example: If you were getting $1,200.00 per month, in 2018 you will get $1,224.00
-The Maximum SSA Benefit is being increased from $2,687 per month to $2,788.
-The Substantial Gainful Activity (SGA) Limit is being increased from $1,170 per month to $1,180. If you earn more than this amount it can make you ineligible for benefits. For more details on SGA check out "Can I Work AND File for Disability Benefits?"
-Finally, the maximum taxable earnings limit has increased from 127,200 to 128,700. That means SSA will be taken out of one’s annual income until they make 128,700 that year. Everything over that limit will not be taxed for social security. The tax rates of 7.65% of your income (15.3% if you are self-employed) will remain the same.
Speaking of maximum taxable earnings limits, if our U.S. Congress in Washington D.C. would take up the subject, and with both Democrats and Republicans working together, they could raise the maximum taxable earnings limit from $128,700 to $150,000 or $175,000, and by doing that take a large step in the direction of securing the Social Security Trust Fund for the future when our children and grandchildren will also be needing social insurance. Just saying
If you have any other specific questions about disability benefits for you or a loved one please call the experts at Keefe Disability Law anytime. 1-800-776-2929