With the New Year Comes New Changes

3 elderly menMonthly Social Security and Supplemental Security Income (SSI) benefits will see a slight increase in 2017.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $127,200 from $118,500. Of the estimated 173 million workers who will pay Social Security taxes in 2017, about 12 million will pay more because of the increase in the taxable maximum.

Thresholds for benefits will change slightly next year including the Substantial Gainful Activity (SGA), SSI Federal Payment Standard, and SSI Student Exclusion.

Information about Medicare changes for 2017 are available at www.Medicare.gov. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.

The Social Security Act provides for how the Cost of Living Adjustment is calculated. To read more, please visit www.socialsecurity.gov/cola.

Learn more about the resulting changes at our factsheet on the subject: www.socialsecurity.gov/news/press/factsheets/colafacts2017.pdf.

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200 thoughts on “With the New Year Comes New Changes

  1. My new benefit amount sheet shows $0.00 for prescription drug plan. I have paid $66.10 monthly during 2019. I did NOT elect any change. I wish to have it deducted from from my SSA account.

    • Hi, David. For your security, we do not have access to private information in this venue. We ask that members in our Blog community work with our offices with specific concerns. You can call us at 1-800-772-1213, Monday through Friday, between 7:00 a.m. and 7:00 p.m., for assistance. Generally, you will have a shorter wait if you call later in the day. You can also contact your local Social Security office. We hope this helps.

    • Hi, Marie. For your security, we do not have access to private information in this venue. We ask that members in our Blog community work with our offices with specific questions. You can call us at 1-800-772-1213, Monday through Friday, between 7:00 a.m. and 7:00 p.m., for assistance. Generally, you will have a shorter wait if you call later in the day. You can also contact your local Social Security office. We hope this helps.

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