New Social Security Figures for 2007

The Social Security Administration recently announced changes for 2007, including:

• Beneficiaries will receive a 3.3 percent cost-of-living adjustment, which will be automatically reflected in monthly Social Security benefit checks beginning in January. This adjustment is expected to provide an additional $33 per month to the average retired individual ($55 per month for a retired couple).
  
• The maximum Social Security monthly benefit for a worker retiring at full retirement age will increase to $2,116, up from $2,053 in 2006.
  
• The maximum annual earnings subject to Social Security taxes will rise to $97,500, up from $94,200 in 2006.
  
• Earnings required for a quarter of coverage will increase to $1,000, up from $970 in 2006.
  
• The retirement earnings test exempt amount for a beneficiary under full retirement age will rise to $12,960 per year ($1,080 per month), up from $12,480 per year ($1,040 per month) in 2006. In the year an individual reaches full retirement age, the limit will be $34,440 ($2,870 per month), up from $33,240 ($2,770 per month) in 2006.