By K.Shawn McCoy
Monthly Social Security and Supplemental Security Income (SSI) benefits will see a slight increase in 2017.
Other adjustments that take effect in January of each year are based on increases in average wages. Based on those increases, 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 http://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 http://www.socialsecurity.gov/cola.