Social Security Administration 2017 Changes martha brown attorney

Social Security Administration 2017 Changes


2016

2017

Tax Rate:

      Employee


7.65%


7.65%


Self-Employed

15.30%

15.30%

Maximum Taxable Earnings:

      Social Security (OASDI only)


$118,500


$127,200


Medicare (HI only)

No Limit

No Limit

Quarter of Coverage:

$1,260

$1,300

Retirement Earnings Test Exempt Amounts:

      Under full retirement age


$15,720/yr.

 $ 1,310/mo.


$16,920/yr.

 $ 1,410/mo.


The year an individual reaches full retirement age

$41,880/yr.

 $ 3,490/mo.

$44,880/yr.

 $ 3,740/mo.

Social Security Disability Thresholds:

      Substantial Gainful Activity (SGA)

Non-Blind


$1,130/mo.


$1,170/mo.

Blind

$1,820/mo.

$1,950/mo.

      Trial Work Period (TWP)

$810/mo.

$840/mo.

Maximum Social Security Benefit:

      Worker Retiring at Full Retirement Age


$2,639/mo.


$2,687/mo.

SSI Federal Payment Standard:

      Individual


$733/mo.


$735/mo.


Couple

$1,100/mo.

$1,103/mo.

SSI Resources Limits:

      Individual


$2,000


$2,000


Couple

$3,000

$3,000

SSI Student Exclusion:

      Monthly Limit


$1,780


$1,790


Annual Limit

$7,180

$7,200

Cost-of-Living Adjustment (COLA)

Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2014 through the third quarter of 2016, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 0.3 percent COLA for 2017.

Estimated Average Monthly

Social Security Benefits Payable in January 2017:

Before 0.3%

COLA

After 0.3%

COLA

All Retired Workers

$1,355

$1,360

Aged Couple, Both Receiving Benefits

$2,254

$2,260

Widowed Mother and Two Children

$2,686

$2,695

Aged Widow(er) Alone

$1,296

$1,300

Disabled Worker, Spouse and One or More Children

$1,990

$1,996

All Disabled Workers

$1,167

$1,171

 

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