Fact sheet shows 2016 Social Security changes

Katie Godbout, Director of Sales & Marketing
October 27, 2015
    

The 2016 Social Security Administration Fact Sheet is now available.

Don’t get caught off guard with questions about the maximum taxable earnings limits or the retirement earnings test exempt amounts. Print your copy of the fact sheet and have it readily available to answer your clients’ questions.

Although there was no cost-of-living adjustment (COLA) for 2016, there were still some changes that will affect someone’s eligibility for Social Security.

  • The Quarter of Coverage — also known as credit of coverage — increased from $1,220 to $1,260. If someone works and earns at least $5,040 in 2016, they will earn four quarters of coverage toward the 40 to qualify for Social Security Retirement.
  • The maximum Social Security benefit decreased. A worker filing for benefits at his or her full retirement age in 2016 will receive $2,639 a month. In 2015, that amount was $2,663. The note on the 2016 Social Security Fact Sheet states that a decrease in full maximum benefits occurs when there is no COLA, but there is an increase in the national average wage index. The Social Security Timing® software will reflect these changes accordingly.

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Posted by Katie Godbout, Director of Sales & Marketing
Katie thrives on making an impact and achieving big goals. She believes that communication strategy has a major impact on business success. As a strategic communicator with a diverse background in non-profit, B2B, healthcare, and SaaS, Katie combines her expertise in strategy development, marketing and sales to spread the word about how Covisum can help advisors and institutions inform their clients of the best financial decisions.