Social Security Increases for 2017

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The Social Security Administration has announced changes for 2017. Social Security benefit payments will increase by .3% (3/10s of 1%) next year. The Social Security Wage Base, the amount of income subject to Social Security taxes, will increase from $118,500 to $127,200, which is the largest increase ever in the wage base. (Medicare taxes are imposed on all compensation income.) In addition, based on a "deal" enacted in 1983, the age for full retirement, which has been 66 for the past 12 years, will start to increase next year. You receive the full amount of your calculated benefits at full retirement age, but a reduced amount if you start receiving benefits earlier. For those born in 1955, full retirement age will be 66 years and 2 months. And so on, until the age for full retirement reaches 67. So, in a sense, Social Security benefits are being cut, for those who had planned to retire at age 66 and expected full benefits. (You can receive enhanced benefits by waiting beyond full retirement age, up to age 70.)

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Saul Ewing LLP on:

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