Workers and retirees have seen several changes in the Social Security system in 2015. Everyone is seeing slightly larger payouts, an adjustment made to account for cost-of-living expenses. The program also implemented a higher tax cap, which means increased taxes for most—not everyone’s favorite line item. Larger earning limits have been extended to beneficiaries under the age of 66, which is a boon for many who are receiving disability benefits. Paper statements (which used to be mailed annually and were then cancelled) are now being reinstated for those between 25 and 60 who are turning an age divisible by five (i.e., 25, 30, 35, etc.). Last but not least, the maximum benefit amount for those who wait until retirement age to accept Social Security has increased.
Click here for more details on the 2015 Social Security changes. If you would like to understand more about how these changes affect you, please call our office at 513-721-6500 to speak with a social security lawyer or use our contact form.