Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 0.3 percent cost-of-living adjustment (COLA) for 2017. The average benefit for a disabled worker will increase from $1,167 to $1,171. Maximum SSI payments for an individual will increase from $733/mo. to $735/mo. and from $1,100/mo. to $1,103/mo. for a couple. Other important Social Security changes include:
- 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.
- The earnings required to earn a quarter of coverage will increase from $1,260 to $1,300.
- Substantial Gainful Activity (SGA) increase to $1,170/mo. for non-blind individuals and $1,950/mo. for individuals who are blind.
- The Maximum Social Security benefit for a worker retiring at full retirement age increases from $2,639/mo. to $2,687/mo.
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 changes by reading the Social Security Administration’s factsheet on the subject.
