On October 30, 2013, the Social Security Administration (SSA) announced that there will be a 1.5% COLA for Social Security benefits and SSI payments in the year 2014. The COLA actually takes effect on December 1, 2013, and will be seen by Social Security recipients starting with their benefits received in January 2014.
SSA also announced that the wage limit for the social security tax will increase to $117,000 in 2014, up $3,300 from the $113,700 taxable limit in effect for 2013.
On October 28, 2013 the Department of HHS announced that Medicare Part B premiums will remain unchanged for the year 2014. Thus, the basic premium will stay at $104.90 per month. As has been the case since 2007, however, Medicare Part B premiums for people with higher incomes will be sharply higher.
SSA also announced that the wage limit for the social security tax will increase to $117,000 in 2014, up $3,300 from the $113,700 taxable limit in effect for 2013.
On October 28, 2013 the Department of HHS announced that Medicare Part B premiums will remain unchanged for the year 2014. Thus, the basic premium will stay at $104.90 per month. As has been the case since 2007, however, Medicare Part B premiums for people with higher incomes will be sharply higher.