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).
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:
