2017 Social Security Benefits Update
– Better than nothing, but just barely…
Regardless of whom our next President is, for 2017, Social Security recipients will be getting a .3% increase in their monthly checks. (That is less than one-third of one percent, not three percent.)
Individuals receiving SSI benefits will receive $735/month up from $733 in 2016. The amount of earnings an individual can make before reaching substantial gainful activity is being increased from $1,130/month to $1,170/month. The earnings levels are slightly higher for the blind.
While benefits will be rising by the smallest of margins, the amount of income subject to Social Security taxation is rising from $118,500 in 2016 to $127,200 in 2017. That represents a 7.34% increase in the maximum amount of income subject to Social Security payroll withholding.
For more details on the 2017 Social Security Changes, please review the Fact Sheet attached here.