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.
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Tags: Medicare, retirement, retirement benefits, Social Security benefits, SSI, supplemental security income
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Jim Borland, Assistant Deputy Commissioner, Communications
Jim Borland, Assistant Deputy Commissioner, Communications
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Winston H.
will social security benefits be taxed as income under the new GOP tax plans?
R.F.
Hi Winston, under current law, 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. See our Benefits Planner: “Income Taxes and Your Social Security Benefits” for more information. Thanks
Marcie
When is $3.00 a month considered a reasonable increase? Because of that $3.00 increase in monthly Disability, food stamps was decreased to $14.00, leaving a total of $134.00 to eat with a month. In Arizona, I’m listed as extreme poverty level. What happened to being equal living costs? It doesn’t exist.
Frank
While I will not complain, because I do use Medicare, It is a shame too tell everyone they are getting a raise in SS. I got absolutely nothing, 100% went too fund Medicare. It would have saved the government money by not sending a letter to tell me so. That money could have went too fund some one who never paid in too Social Security.
Janice
I like so many other retirees are very disappointed about this so called increase. There are many seniors who rely on this and to give a pitiful .03% is a slap in the face to all seniors. Congress should be ashamed of themselves. Do those folks still give themselves a cost of living raise? I would like to know.
Dennis
I would like congress to consider doing away with the CAP of $127,000. People who make an income more than this should continue to pay into SS until they retire.
J R.
to whom it may concern if you don’t want the 03/ . give it to me ill take it thank god we live in the U S A.
John B.
I’ll take it even thought it’s $57.36 more for the whole year of 2017.
Cassie V.
I am extremely worried about what is going to happen to our S.S. and Medicare benefits when Trump takes office! He has already admitted that he lied about his plans to keep S.S. and Medicare safe for all of us because he knew he had to in order to get the votes he needed! Everything that came out of his mouth was a lie and it will continue because that’s what he is, always has been, and always will be! What’s going to happen to all of us who have already been receiving benefits? Are we going to lose those benefits now? How will we make it? Are we going to end up living on the street with no healthcare? Maybe that’s their plan for population control!! They will shovel us up, throw our bodies into trash trucks, and get rid of us in a massive incinerator!! But really, I am scared and have heard nothing about how they plan to deal with those of us currently receiving benefits. If anyone has any answers, please post them here.
Marc P.
I know the answer, and it’s retry grim. Go to the actual government website, find the bills introduced by Senator Price (Trump’s Secretary of Health and Human Services, and Rep Ryan for the end of Medicare and Medicaid among others, and then prepare your funeral plan.
Joe F.
The Cola Amount that we are getting, is .003%..not .03%..On my scales my additional income per month will be $5.68 per month or $68.16 per year. I don’t believe that our Government cares about how we’re going to get thru Rising prices Nationwide with $68.16 per year. I’m very sorrowed by this increase as at $5.68 per month will not pay for my monthly expense for taking care of my cat. There is something wrong here and I believe that what we’re getting is a ” Slap in the Face.” May us Baby Bommer’s should get Legal Representation and pay them 10% of what they are able to do to increase our $$$ Benefits. I would say that we need to do a Protest at the Whitehouse, however we have always failed in getting more money when we did this. I believe that “No Taxation without Representation” may fall into our Baby Boomer Generation….
Charles W.
And this is under the republican congress, which makes laws, not the president. Since most of the comments are for more COLA, write, call,text your senators & representatives.
Tony S.
Hospitals & Asylums
Sanders, Tony J. Social Security Amendments of January 1, 2016. Hospitals & Asylums HA-6-6-16 http://www.title24uscode.org/ss1.htm
Carolyn Colvin must stop being a grinch in December after Vilsack’s SNAP harvest and give us our 6% COLA in 2017 to make a 3% annual COLA law against attrition to 2.7% average CPI in 2018 to comprehend Sec. 215(i) of the Social Security Act 42USC415(i) for the first time. Congress may not be blamed anymore since their OASDI tax contribution statute was hacked or amended to stop being divided between DI and OASI Trust Funds this year the 2.37% DI tax rate is unprinted on the paystub. To do it right SSA must for ourself get the tax rate right 2.4% DI 10.0% OASI 2017 going down to 2.2% DI 10.2% OASI in 2018 and for the intermediate term. I can either be the Social Security Commissioner who keeps the national accounts for the alcoholic Acting Social Security Commissioner who must purchase and publish my Social Security Amendments of January 1, 2016 and First Annual Summer Solstice Report http://www.title24uscode.org/ss1.doc
SSA blog postings regarding (1) a 0.3% COLA and (2) a $127,700 limit on taxable income in 2017, must be changed. The DI Trust Fund has enough to pay a 6% COLA in 2017 and have better than 20 percent trust fund ratio and everyone wants to make a small withdrawal from OASI and then in 2018 we will make the 3% COLA law and have the intermediate tax rate of 2.2% DI and 10.2% OASI. 2017 should be adjusted to 2.4% DI 10.0% OASI so it an be printed on paystubs. OASDI tax contribution statute has been amended or hacked so that burden of proof is not upon Congress as insinuated in the previous article(s). The OASDI tax rate is the responsibility of the Social Security Commissioner and that is equally me and my Social Security Amendments of January 1, 2016. Let us not be unequal this December when Carolyn Colvin gives us a 6% COLA in 2017 and 3% COLA every year thereafter to stay ahead of 2.7% average inflation. Denial of a 3% COLA two years in a row constitutes deprivation of relief benefits under 18USC246, the 11th amendment under 42USC2000d-7 and Sec. 204(c) of the Social Security Act 42USC404(c). Elect me Commissioner or let me elect you Commissioner this December 2016 of the 6% COLA to make a 3% COLA the law beginning in 2018.
Your beneficiary,