News

2005 SOCIAL SECURITY BENEFITS & CHARGES
2005 COST-OF-LIVING ADJUSTMENT(COLA) 2.7%

This information was taken from the SSA.gov. for information.
For additional information please visit www.ssa.gov.

Source: Websites - Social Security Administration www.ssa.gov / Medicare www.medicare.gov

SOCIAL SECURITY (OASDI) and MEDICARE (HI) TAXES

Employee & Employer, each 7.65% up to a maximum of $90,000
Self-employed 15.3% up to a maximum of $90,000
Extra Medicare Taxes--Over $87,900 you continue to pay the Medicare (HI) portion of taxes indicated below:
Employee & Employer, each 1.45% on all earnings above $90,000
Self-employed 2.9% on all income above $90,000

SOCIAL SECURITY RETIREMENT EARNINGS LIMITS
There is no limit on earnings beginning the month an individual attains Full Retirement Age*
*Born 1937 & Before=65
1938=65+2mos
1939=65+4mos
1940=65+6,
1941=65+8
1942=65+10

Born 1943-1954=66
1955=66+2mos
1956=66+4
1957=66+6
1958=66+8
1959=66+10
1960&After=67

Year individual reaches Full Retirement Age * $31,800 For every $3 over, $1 is withheld**
**Applies only to those earnings for months prior to attaining Full Retirement Age* - no limit after
Under Full Retirement Age* $12,000 For every $2 over, $1 is withheld

MAXIMUM MONTHLY SOCIAL SECURITY BENEFIT (when retiring at Full Retirement Age)
For worker retiring at age 65+4mos $1,939

ESTIMATED AVERAGE MONTHLY SOCIAL SECURITY BENEFIT (Payable Jan 2005 after 2.7% COLA)
Aged couple, both receiving benefits $1,574
Aged widow(er), alone $920

SSI MONTHLY FEDERAL PAYMENT STANDARD
Individual $579
Couple $869
SSI RESOURCES LIMITS
Individual $2000
Couple $3000

MEDICARE HOSPITAL INSURANCE (PART A)
1st 60days in hospital, patient pays $912 (deductible amount)
61st - 90th days in hospital, patient pays $228 per day
91st -150th days in hospital, patient pays $456 per lifetime reserve day (total of 60)
1st 20 days in skilled nursing, patient pays $0
21st - 100th day in skilled nursing, patient pays $114 per day

MEDICARE MEDICAL INSURANCE (PART B)
Premium $78.20 per month
Deductible $110 per year***
***Note: You pay 20% of the Medicare approved amount for services after you meet the $110 deductible.***