Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 65 million Americans will increase 0.3 percent in 2017.

The 0.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 60 million Social Security beneficiaries in January 2017. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2016.

Read more about the Social Security Cost-of-Living adjustment for 2017.

The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $127,200.

The earnings limit for workers who are younger than “full” retirement age (age 66 for people born in 1943 through 1954) will increase to $16,920. (We deduct $1 from benefits for each $2 earned over $16,920.)

The earnings limit for people turning 66 in 2017 will increase to $44,880. (We deduct $1 from benefits for each $3 earned over $44,880 until the month the worker turns age 66.)

There is no limit on earnings for workers who are “full” retirement age or older for the entire year.

-Social Security Press Release

Leave a Reply

Your email address will not be published. Required fields are marked *