With the New Year Comes New Changes
Reading Time: 1 MinuteLast Updated: March 17, 2021
Monthly 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.
Did you find this Information helpful?
Tags: Medicare, retirement, retirement benefits, Social Security benefits, SSI, supplemental security income
See CommentsAbout the Author
Jim Borland, Assistant Deputy Commissioner, Communications
Jim Borland, Assistant Deputy Commissioner, Communications
Comments
Comments are closed.
Guillermo
Why SSA does not change the way the calculate COLA so we can receive more money every year, sometimes we do not receive any increase or just a little increase! that it is not fair at all! we should all write all the senators or representatives so they could do the changes we deserve!
Dolores
If at full retirement age 66 . What is Medicaid limit you can earn for 2017.
Ray F.
Hello Dolores. If you attain your full retirement age (66) in 2017, the limit on your earnings is $44,880 but we only count earnings before the month you reach your full retirement age. If you continue to work and are full retirement age or older, the amount you make at work will not affect your Social Security benefits, no matter how much you earn. Please visit our Retirement Planner: Getting Benefits While Working and read our publication “How Work Affects Your Benefits” for more information. Click here for Medicaid information. Thanks!
Scott
I feel that when ever the representatives vote in a raise for them selves that same raise should be passed on to all on SSI SSD. I have worn off all the letters on my keyboard writing letters and emails to our gov on one thing and another. and they still do not listen.
mike
ya, i know!
mike
you can call them,but there not listening to us.
John B.
California wants to secede from the Union, so who is trying to stop them. That means they will have their own welfare and social security, so they better think twice before they vote to secede.
SUZY
I am grateful for whatever I receive.
HW
The problem is that we all complain and do nothing about it!. Lets stop all the talk and do something,
Call your gov. NOW
Or vote them OUT ! and STOP being a paper tiger.
I have tried but I am alone.
mike
you can call them,but there not listening
Geraldine L.
They are only interested in themselves and their benefits that are over the top.
Greg B.
Let Trump build a wall for All S.S. receipients; no food taxes, free medications, doctors that truly care,designate 3 climate desirable states for us; and most of all no intrusion of non- citizens under the age of 60. This is a free country yet we people of age don’t need the drama of misunderstood lifestyles ( Robberies, the if, rape, murder, con, scams, & downright disrespect of us in our twilight years…. Grandkids are an exception unless they are BEGGInG….Truth B Told%\€)?~{¤§ฯΩ}
mike
yes sir
Kal
What the hell are you talking about? Social Security is most cerainly an ENTITLEMENT. Read all about it here:
https://www.ssa.gov/ssi/text-entitle-ussi.htm
Geraldine L.
Who are you?!?!?
GUIDRY
PLEASE COMPLAIN TO YOUR ELECTED OFFICIALS IN THE SENATE AND CONGRESS, THEY MAKE THE RULES/LAWS. REMEMBER THAT SOCIAL SECURITY IS A GOVERNMENT GIFT AND NOT A ENTITLEMENT.
John B.
We paid into social security every time we got paid, so it’s not a gift since it’s the money we had to pay, so we could live with money coming in during our Golden Years.
Geraldine L.
You are so very correct!
susanne b.
How can you call SS a gift and not an entitlement? That is so wrong on so many levels. It’s a retirement program that we all pay into every paycheck ( my first payment was made in 1972!) to ensure a safety net at retirement age. I am not begging for help, but requesting a return on the investment I made over the last 40-45 years of working!
Susanne
Wiselady
Not a government “gift”. Not an “entitlement”. It is a govt. insurance program that went off the track. Don’t think that private insurers would have done much better either– they pay their CEO’s and higher ups HUGE salaries at the expense of annuitants and customers.
Michael S.
Can I earn up to $15,600 as a 1099 employee while collecting my soc sec benefits I opted for in Jan of 2016 at the age of 64 without being taxed extra money combined with my job income of $300 a week part time.? Will I pay taxes on my soc sec benefit of my income?
Thanks
Ray F.
Hi Michael. you can still work and receive your Social Security retirement benefits at the same time. However, if you are younger than full retirement age (currently age 66) and make more than the yearly earnings limit, this can reduce the number of payments you receive through the year. For 2016 that limit is $15,720. This limit changes in the year you reach full retirement age. To learn more see “How We Deduct Earnings From Benefits”, and visit our Frequently Asked Questions web page or read “How Work Affects Your Benefits”. Also, some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.