Q:

What were the Social Security rates in 2014?

A:

Quick Answer

Social Security tax rates were 6.2 percent in 2014 for employers and employees with a maximum taxable earning of $117,000. A worker who retired at full retirement age was able to collect a maximum Social Security benefit of $2,642 per month, according to the Social Security Administration.

Continue Reading

Full Answer

In 2014, a cost-of-living adjustment of 1.5 percent was made to the collectible monthly Social Security benefit. This increased the potential annual drawings from Social Security to $31,704 per year. The full retirement age remains at 66 at this time. Supplemental Security Income also increased in 2014 and is now $721 and $1,082 monthly for individuals and couples respectively, explains the Social Security Administration.

Learn more about Financial Planning

Related Questions

Explore