For Tax Pros
2017 Social Security Changes
1. 2017 beneficiaries increase
The SSA announced that Social Security beneficiaries will get a 0.3% increase in benefits in 2017 after getting no increase in 2016. The average retiree will receive an increase of $5 a month.
2. Maximum earnings in year reaching full retirement age
The maximum earnings a person can earn in the year they reach their full retirement age is $44,880, an increase from the 2016 amount of $41,880. One dollar in benefits will be withheld for every $3 in earnings above the limit.
3. Maximum monthly Social Security benefit
The maximum monthly Social Security benefit a worker can receive at full retirement age is $2,687, which is an increase from the 2016 amount of $2,639.
4. Maximum Social security tax withholding
The maximum amount of Social Security tax a taxpayer will pay increased from $7,347 in 2016 to $7,883.40 in 2017, an increase of $539.40.
5. Maximum wages subject to Social Security tax
The maximum amount of wages in 2017 subject to the 6.2% Social Security tax will rise from $118,500 to $127,200, an increase of more than 7%. There is no limit on the amount of wages subject to the medicare tax at a rate of 1.45%
6. Under the full retirement age allowed earnings before penalty
A worker under the "full" retirement age can earn up to $16,920 for 2017 which is an increase from the 2016 amount of $15,720. The amount over the allowed amount causes $1 in benefits to be withheld for every $2 earned.
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