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Section 101-
There are now 50 million beneficiaries
receiving $51 billion monthly in benefits, $614 billion annually.
There are 164 million workers paying $656
billion in Social Security payroll taxes each
year.
The 2008 SS Trustees report states that in the year 2017 annual benefit payments will begin to exceed tax income, and by the year 2041 the Trust Funds will be exhausted and the government will be unable to pay scheduled benefits in full on a timely basis. This is due to the increase of baby boom retirees, their increased life expectancy and low fertility rates.
Section 504 - Substantial Gainful Activity
Monthly amounts
2005- $830, and $1,380 for blind
2006- $860, and $1,450 "
2007- $900, and $1,500 "
2008- $940, and $1,570 "
2009- $980, and $1,640 "
2010- $1,000 and $1,640 "
Section 509 - Trial Work Period
The monthly amount is:
2005- $580; 2006- $620; 2007- $640; 2008-$670
2009-$700; 2010- $720
Section 1412 - Foreign Social Security Credit
The totalization agreement with Japan has been approved effective October 1, 2005 and with Polland effective March 1, 2009. A totalization agreement is still pending with Mexico. It must be approved by Congress.
Appendix 2 Quarters of Coverage, Chart 1: Earnings Required
2005- $920; 2006- $970; 2007- $1,000;
2008-$1,050; 2009- $1,090; 2010- $1,120
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Appendix 3 FICA Maximum Earnings
Social Security Tax: 2005-$90,000;
2006- $94,200; 2007- $97,500; 2008- $102,000; 2009 and 2010- $106,800
no limit for Medicare tax.
Appendix 4 Sample Benefit Amounts
Worker with steady earnings at the max level since age 22, Retirement at age indicated:
Age 2006 2007 2008 2009 2010
62* $1,530 $1,598 $1,682 $1,769 $1,820
65* $1,961 $1,998 $2,030 $2,172 $2,191
70 $2,420 $2,672 $2,794 $3,054 $3,119
*benefit reduced for age below Full Retirement Age
Maximum benefit at Full Retirement Age
2005- $1,939
2006- $2,053
2007- $2,115
2008- $2,185
2009- $2,323
2010- $2,346
Appendix 6 - Cost of Living Increase*
*effective date December of preceding year, affects benefits payable beginninng January
of indicated year
2004- 2.1%
2005- 2.7%
2006- 4.1%
2007- 3.3%
2008- 2.3%
2009- 5.8%
2010- 0.0%
Appendix 7 Earnings Limits
Under Full Retirement Age
2005-$12,000 per year, $1,000 for Non-Service Month
2006- $12,480 per year, $1,040 for Non-Service Month
2007- $12,960 per year, $1,080 for Non-Service Month
2008- $13,560 per year, $1,130 for Non-Service Month
2009 and 2010 (no change)- $14,160 per year, $1,180 for Non-Service Month
Full Retirement Age
2005- $31,800 per year, $2,650 for Non-Service Month
2006- $33,240 per year, $2,770 for Non-Service Month
2007- $34,440 per year, $2,870 for Non-Service Month
2008- $36,120 per year, $3,010 for Non-Service Month
2009 and 2010 (no change)- $37,680 per year, $3,140 for Non-Service Month
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Appendix 11 Medicare Premiums and Deductibles
Hospital Insurance - Part A Premium
No premium for those with at least 40 quarters. For those with 30-39 quarters:
2005- $206/mo.
2006- $216/mo.
2007- $226/mo.
2008- $233/mo.
2009- $244/mo.
2010- $254/mo.
For those with less than 30 quarters:
2005- $375/mo.
2006- $393/mo.
2007- $410/mo.
2008- $423/mo.
2009- $443/mo.
2010- $461/mo.
Co-Payments
First 60 Days (Total)
2005- $912
2006- $952
2007- $992
2008- $1,021
2009- $1,068
2010- $1,100
61st-90th Day (per day)
2005- $228
2006- $238
2007- $248
2008- $256
2009- $267
2010- $275
Lifetime Reserve (per day)
2005- $456
2006- $476
2007- $496
2008- $512
2009- $534
2010- $550
Skilled Nursing Care
20th-100th day (per day)
2005- $114
2006- $119
2007- $124
2008- $128
2009- $133.50
2010- $137.50
Medical Insurance - Part B Premium
2005- $78.20/mo.
2006- $88.50/mo.
N.B after 2006, this premium is based on income most recently available from
IRS (generally the tax year 2 years before):
2007:
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You Pay
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If Your Yearly Income in Tax Year 2005 was
|
|
|
Single
|
Married Couple
|
|
$93.50
|
$80,000 or less
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$160,000 or less
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$105.80
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$80,001-$100,000
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$160,001-$200,000
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$124.40
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$100,001-$150,000
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$200,001-$300,000
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$142.90
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$150,001-$200,000
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$300,001-$400,000
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$161.40
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Above $200,000
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Above $400,000
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You Pay
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If You Are Married but You File a Separate Tax Return From Your Spouse and Your Yearly Income in Tax Year 2005
|
|
$93.50
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Under $80,000 or less
|
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$142.90
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$80,001-$120,000
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$161.40
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Above $120,000
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2008:
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You Pay
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If Your Yearly Income in Tax Year 2006 was
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Single
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Married Couple
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$96.4
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$82,000 or less
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$164,000 or less
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$122.20
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$82,001-$102,000
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$164,001-$204,000
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$160.90
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$102,001-$153,000
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$204,001-$306,000
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$199.70
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$153,001-$205,000
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$306,001-$410,000
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$238.40
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Above $205,000
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Above $410,000
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You Pay
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If You Are Married but You File a Separate Tax Return From Your Spouse and Your Yearly Income is
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$96.40
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$82,000 or less
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$199.70
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$82,001-$123,000
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$238.40
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Above $123,000
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2009:
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You Pay
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If Your Yearly Income is
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| |
Single
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Married Couple
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$96.40
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$85,000 or less
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$170,000 or less
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$134.90
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$85,001-$107,000
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$170,001-$214,000
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$192.70
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$107,001-$160,000
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$214,001-$320,000
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$250.50
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$160,001-$213,000
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$320,001-$426,000
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$308.30
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Above $213,000
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Above $426,000
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You Pay
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If You Are Married but You File a Separate Tax Return From Your Spouse and Your Yearly Income is
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$96.40
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$85,000 or less
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$250.50
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$85,001-$128,000
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$308.30
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Above $128,000
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2010:
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You Pay
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If Your Yearly Income is
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Single
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Married Couple
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$96.40
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$85,000 or less
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$170,000 or less
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$154.70
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$85,001-$107,000
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$170,001-$214,000
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$221.00
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$107,001-$160,000
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$214,001-$320,000
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$287.30
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$160,001-$214,000
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$320,001-$428,000
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$353.60
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Above $214,000
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Above $428,000
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You Pay
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If You Are Married but You File a Separate Tax Return From Your Spouse and Your Yearly Income is
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$110.50
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$85,000 or less
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$287.30
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$85,001-$129,000
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$353.60
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Above $129,000
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Part B Yearly Deductible
2005- $110
2006- $124
2007- $131
2008- $135
2009- $135
2010- $155
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