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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Otis M.
If I just started working and apply for the ticket to work program like I did a couple of years ago 😅 how much will be deducted from my first check if I make $1000 a month working part-time…
V.V.
Hi Otis, thank you for your question. Social Security has special rules that make it possible for people with disabilities receiving Social Security Disability (SSDI) or Supplemental Security Income (SSI) to work and still receive monthly payments. These are called work incentives.
For SSDI beneficiaries, there is a Trial Work Period (TWP) and then an Extended Period of Eligibility (EPE). The TWP allows you to test your ability to work for at least 9 months. During this period, you will receive your full disability benefit regardless of how much you earn as long as your work activity is reported and you continue to have a disabling impairment. In 2021, any month in which earnings exceed $940 is considered a month of the 9-month trial work period.
Once you’ve completed your TWP, you get a 36-month safety net called the EPE. During the EPE, you get benefits for all months your earnings or work activities are below the Substantial Gainful Activity (SGA) level as long as you continue to have a disabling impairment. Social Security will suspend cash benefits for months earnings are over SGA and start benefits again if earnings fall below the SGA level. In 2021, you are earning SGA if your earnings, after any allowable deductions, are more than $1,310 in a month.
Check out Social Security’s Red Book for descriptions of the many work incentives.
Debbue
Does SSI collected due to non payment of child-support from spouse change when I retire?
Marie L.
Ihave switched fromHumana toWell-Care. My premium is noe 13.80 per mo. When will this be corrected?
A.C.
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.
Lynn H.
My social security amount has been reduced from 507 to 477.90. I don’t understand the decrease.
David J.
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.
A.C.
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.