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SOCIAL SECURITY
Fact Sheet
2003 SOCIAL SECURITY CHANGES
(aquí en Español)
Cost-of-Living Adjustment (COLA):
| 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% |
| -- Social Security
Portion (OASDI) |
6.20% |
6.20% |
| -- Medicare
Portion (HI) |
1.45% |
1.45% |
| Self-Employed |
15.30% |
15.30% |
| -- Social Security
Portion (OASDI) |
12.40% |
12.40% |
| -- Medicare
Portion (HI) |
2.90% |
2.90% |
| 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.) |
|
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).
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| Social Security Disability Thresholds |
2002 |
2003 |
| Substantial
Gainful Activity (SGA) |
Non-Blind |
$780/mo. |
$800/mo. |
| Blind |
$1,300/mo. |
$1,330/mo. |
| Trial
Work Period (TWP) |
$560/mo. |
$570/mo. |
Maximum Social Security Benefit:
Worker Retiring at Full Retirement Age in |
January 2002
(Age 65) |
March 2003
(Age 65 and 2 months) |
| 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: |
Before
1.4% COLA |
After
1.4% COLA |
| All Retired Workers |
$ 882 |
$895 |
| Aged Couple, Both
Receiving Benefits |
$1,463 |
$1,483 |
| Widowed Mother
and Two Children |
$1,812 |
$1,838 |
| Aged Widow(er)
Alone |
$ 850 |
$ 862 |
| Disabled Worker,
Spouse and
One or More Children |
$1,376 |
$1,395 |
| All Disabled
Workers |
$ 822 |
$ 833 |
SSA Press Office 449
Altmeyer Bldg. 6401 Security Blvd. Baltimore, MD 21235
410-965-8904 FAX 410-966-9973
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www.socialsecurity.gov
