• Kyla

Social Security in 2017


SOCIAL SECURITY UPDATES

You need a minimum of 6 Quarters of Coverage (QC) and at least 1 QC each year after age 21 to become eligible for Social Security. That is 40 QC to be eligible for Individual Retirement benefits and it's based on your top 35 wage adjusted earning years. No more than 4 QC can be attained in each year.

You must be married and divorced spouses whom were married for 10 consecutive years are eligible for spousal benefits; even if ineligible for individual benefits (subject to certain criteria).

2017 Social Security Changes

Working and Collecting Benefits:

Prior to Full Retirement Age (FRA) if you earn over $16,920 (1,410/month), $1 in benefits will be deducted for every $2 in earnings.

During the year you reach FRA the limit increases to $44,880 (3,740/month) and $1 in benefits is deducted for every $3 in earnings.

The amount is calculated monthly and earnings after you turn FRA do not count against you.

Earned Income does not include income from Pensions, retirement account distributions such as 401k or IRA's, or interest income; just earnings from your job. Social Security taxes may also apply, in addition to any assessed work penalty.

The Cost-of-Living Adjustment (COLA) for 2017 allows beneficiaries to receive 0.3 percent increase. I'm not sure how they expect people to be able to afford rising costs with that small of an adjustment.

Tax Rate for 2017 is the same as last year:

Employee 7.65%

Self-Employed 15.30%

Maximum Taxable Earnings

Changed for Social Security (OASDI only) from $118,500 to $127,200

For Medicare (HI only) No Limit

The increase of $8,700 is the largest single year increase in history of Social Security and means that wage earners making $127,200 or more will have to pay $539 in additional taxes.

Maximum Social Security Benefit:

Is now $2,687/month...up $48 from last year

SSI Federal Payment Standard:

Individual $735...up $2 from last year

Couple $1,103...up $3 from last year

SSI Resource Limits: (same as last year)

Individual $2,000

Couple 3,000

Estimated Average MONTHLY Social Security Benefits payable in Jan 2017:

All Retired Workers 1,360

Aged Couple, Both Receiving Benefits 2,260

Widowed Mother and Two Children 2,695

Aged Widow(er) Alone 1,300

Disabled Worker, Spouse and One or More Childred 1,996

All Disabled Workers 1,171

File & Suspend is no longer in effect for 2017. Find more information at: www.ssa.gov

Source: 2017 SSA Fact Sheet - Social Security Administration

https://www.ssa.gov/news/press/factsheets/colafacts2017.pdf

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