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Tuesday, January 17, 2017

Social Security Changes 2017

Social Security showed a 3% increase this year for those folks who are accepting this now. Attached is the PDF put out by Social Security to show the newest updates and changes to the program for 2017. Some highlights: 

2017 SOCIAL SECURITY CHANGES 
Cost-of-Living Adjustment (COLA)

Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2014 through the third quarter of 2016, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 0.3 percent COLA for 2017.

Other important 2017 Social Security information is as follows:

2016 2017  Tax Rate: Employee 7.65% 7.65%         || Self-Employed 15.30% 15.30%

NOTE: The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings. Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicare taxes. The tax rates shown above do not include the 0.9 percent.

 Maximum Taxable Earnings

: Social Security (OASDI only) $118,500 $127,200 Medicare (HI only) N o L i m i t

Social Security Disability Threshold
: Substantial Gainful Activity (SGA) Non-Blind $1,130/mo. $1,170/mo. Blind $1,820/mo. $1,950/mo.

Trial Work Period (TWP) $ 810/mo. $ 840/mo.

Maximum Social Security Benefit:

Worker Retiring at Full Retirement Age: $2,639/mo. $2,687/mo.

 

More information is found at:  https://www.ssa.gov/news/press/factsheets/colafacts2017.pdf





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