Most seniors live on a limited budget, making it extra important to stay on top of government-imposed financial changes. Premier provider of Las Vegas home care, Home Care Assistance, urges you to take some time to review these 5 changes to social security with your senior loved one.
1. Larger Payments
Retirees will receive a 1.7 percent increase in their checks in 2015 to account for increased cost of living. For most people, this will add up to about $22 dollars per month. The average social security payment will increase from $1,306 to $1,328 per month.
2. Higher Tax Ceiling
The vast majority of workers will pay 6.2 percent of each paycheck into the social security system until their earnings rise above the cap on taxes. The tax cap will rise from $117,000 in 2014 to $118,500 in 2015. The higher earnings factor into their social security payments in the future.
3. Higher Limits on Earnings
Social security earners under age 66 can earn up to $15,720 in 2015 before their benefits are revoked. Those who are over 66 can earn an unlimited amount of income without being penalized. Social security earners who work should see this as welcome news.
4. Increased Maximum Benefits
The most money a social security earner can receive will rise in 2015. New benefit limits are now estimated at $2,663 per month. The limit in 2014 was $2,642. This number is for people who sign up for full benefits at retirement age.
5. Paper Statements
For those who don’t use online accounts, social security will send paper statements in the mail to workers turning 25, 30, 35, 40, 45, 50, 55, and 60 several months before their birthdays. Once people reach 60, they will receive a statement each year.
Aside from long-term financial planning, it’s important to discuss long-term care with your senior loved one. If he or she wishes to age in place, reach out to Home Care Assistance and learn about our hourly and live-in Las Vegas caregivers. Our caregivers are highly trained and can assist with mobility support, transportation, cooking, and light housework. Most importantly, Home Care Assistance caregivers can provide companionship and promote you senior loved one’s safety. Call (702) 550-3185 to speak with a friendly and experienced Care Manager today.