According to an article in Yahoo Finance, Social Security has implemented some changes.
1. The payroll tax is back up to 6.2 percent of an employee’s earnings.
2. 2013 brings a higher payroll tax cap; it’s now $113,700.
3. Social Security (SS) is offering more service online, including applying for your social security benefits.
4. Along with more online services, SS offices are reducing their hours that they’ll be open to the public.
5. Social Security recipients will no longer be able to get payments via paper checks – direct deposit is the new payment method.
6. If you’re between 62 and 66, and collect SS benefits, you can now earn more without it affecting your SS payments. For the 62 to 65 crowd, you can earn up to $15,120 without SS reducing your benefit payments.
7. If you receive SS, your benefit has increased 1.7 percent in 2013.
To read the full article go to:
7 Social Security Changes for 2013
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