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Will your social security payments increase in 2016?

We have reached that time of year where you find out if the social security administration recognizes that your cost of living has gone up enough to increase  your social security checks.  But, before we get into any increases you should remember that the longer you can delay taking your social security, the higher your payouts will be.  A reverse mortgage is a great way to delay taking your SS payments and therefore increasing your payments for life!  See the following chart to see how much higher your check could be by delaying your payouts.

Age 62 = on average, you receive $750 for every $1,000 in benefits

Age 63 = on average, you receive $800 for every $1,000 in benefits

Age 64 = on average, you receive $866 for every $1,000 in benefits

Age 65 = on average, you receive $933 for every $1,000 in benefits

Age 66 = on average, you receive $1,000 for every $1,000 in benefits

Age 67 = on average, you receive $1,080 for every $1,000 in benefits

Age 68 = on average, you receive $1,160 for every $1,000 in benefits

Age 69 = on average, you receive $1,240 for every $1,000 in benefits

Age 70 = on average, you receive $1,320 for every $1,000 in benefits

After Age 70, there is no additional benefit for waiting to take your SS payouts.

At the beginning of this year SS payments only increased by 1.7%.  In 2015 we have seen rising costs of healthcare, food, and energy but the social security administration will not be increasing your monthly payments in 2016.  This also means there will be no increase in the cap on earning for SS taxes.  It will stay at 118,500 for 2016.  Also for those that work and claim social security their earnings limit will stay at $15,720 to avoid any penalties in 2016.

The good news is your Medicare part B payments will also stay the same as this cannot be raised without an equal increase in your social security checks.   There are also new features available online.  You can create a SS account and view your SS taxes paid, get an estimation of what your SS payouts would be at any given age that you may start to receive those payouts, or get a proof of benefits letter if you are currently receiving those benefits. Click Here to sign up for your Social security account.

 

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