Your Bank > Education and Advice > CNB University

Social Security Benefits Increase in 2014

D Cator 2014
Donna L. Cator, CFP®, CDFA®
Vice President, Wealth Advisor
[email protected]
(585) 394-4260 x50623

After announcing that benefits increased 1.5% for 2014, the Social Security Administration provided some other information that may be of interest.


The average benefit payable to retired workers is an estimated $1,294 a month (as of January 2014). Retired couples who both receive benefits get $2,111 on average.

The maximum benefit for a worker retiring at full retirement age (FRA) is $2,642 a month.


The 6.2% Social Security payroll tax applies to the first $117,000 of 2014 earnings. Self-employed individuals pay 12.4% on the first $117,000 of earnings.

Retirement earnings. 

Social Security recipients who haven’t reached FRA generally can earn as much as $15,480 this year before their benefits will be reduced ($41,400 if reaching FRA in 2014).

Seeking guidance on your Social Security strategy? Contact Donna Cator today.

This material is provided for general information purposes only. Investments and insurance products are not FDIC insured, not bank deposits, not obligations of, or guaranteed by Canandaigua National Bank & Trust or any of its affiliates. Investments are subject to investment risks, including possible loss of principal amount invested. Past performance is not indicative of future investment results. Before making any investment decision, please consult your legal, tax or financial advisor. Investments and services may be offered through affiliate companies.