Now that the new year is officially underway, you may be noticing some changes in your Social Security benefits. Here’s a brief overview of what you can expect to see in 2015.

• You’ll get more money – Beneficiaries will be seeing around a $22 increase in their benefit each month.
• Higher income tax cap – Most working people who pay into Social Security are taxed at 6.2 percent per paycheck until their income exceeds the tax cap at $117,000. That tax cap has been raised this year so that those earning up to $118,500 will pay the 6.2 percent tax into the system before hitting the cap.
• You can earn more – If you’re an individual under age 66, and claim Social Security benefits, you can earn as much as $15,720 per year.  Once you hit that amount, $1 will be withheld from your benefit for every $2 you earn above $15,720.  On the other hand, if you are turning 66 this year and have signed up for Social Security, you can earn up to $41,880 per year before $1 is deducted from your benefit for every $3 earned above the $41,880. As always, once you reach full retirement age (67), there is no limit on the amount of money you can earn each year.
• Mailed statements – New this year, if you are turning 25, 30, 35, 40, 45, 50, 55 or 60 in 2015 and do not have an online Social Security account, you will receive a statement in the mail three months before your birthday that will go over your earnings history, taxes paid and expected benefit.
• The maximum benefit is increasing – The maximum Social Security benefit available for a worker who signs up at full retirement age has increased to $2,663 per month. This is $21 higher than in 2014.