The cost-of-living adjustment (COLA) 2017 increase will be 0.3 percent for Social Security Disability, Supplemental Security Income, and Social Security Retirement. Unfortunately, Social Security Administration the reason why it is only going to be a 0.3 percent is due low gas prices.
The monthly Supplemental Security Income and Social Security Disability benefits will have an increase of 0.3 percent in 2017 for more than 65 million Americans.
The Cost-of-Living Adjustments (COLA) increased payments will be on December 30, 2016, for more than 8 million Supplemental Security Income beneficiaries. Also, for Social Security beneficiaries will receive a 0.3 percent cost-of-living-adjustment (COLA) will get the benefits payable to more than 60 million in January 2017.
The minimum amount of earnings may be a Social Security tax will increase to $127,200.
However, earnings limit to workers who are younger than full retirement age (if age 66 years or born in 1943 through 1954) will increase to $16,920.00. Unfortunately, Social Security will deduct $1.00 to $2.00 if you earned over $16,920.00.
For people are turning 66 years old in 2017 earnings limit will increase to $44,880.00. There will be a deduction of $1.00 from your benefit or each $3.00 earned over $44,880 until you turns 66 years old.
There will be no earnings if you are at full retirement age or older for the entire year of 2017.
Medicare Information for 2017
Unfortunately, Medicare information changes for 2017 have not be announced yet. But for some Social Security beneficiaries may have completely or partially offset increases in Medicare premiums. I trying to keep you posted when the new Medicare information for 2017 is released.
Step by Step Guidance
Check out our step by step guidance eBook to save you some time and confusion in areas where you may struggle.
Please feel free to write a comment or feedback in the website blog page.