Friday, December 02, 2016

Social Security amounts for 2017

Social Security beneficiaries will receive a COLA (cost of living adjustment) of .3% for 2017.

Social Security beneficiaries who are still working while receiving benefits will be subject to the following Retirement Earnings Test Exempt Amounts for 2017: If you are under your full retirement age the maximum you can earn without getting your benefits reduced up to $16,920/yr ($1,410/mo). For every $2 you earn above that limit your benefits will be reduced by $1. During the year that you reach full retirement age $1 in benefits will be withheld for every $3 in earnings above the limit of $44,880/yr ($3,740/mo). After you reach full retirement age there is no limit on earnings, you can receive your full benefits and still work.

Social Security Disability beneficiaries will be subject to the following thresholds in 2017: Substantial Gainful Activity (SGA) for Non-Blind beneficiaries will be $1,170/mo, and for Blind beneficiaries will be $1,950/mo. The maximum you can earn during a Trial Work Period in 2017 will be $ 840/mo.

SSI (Supplemental Security Income) benefit amount will go from $733/mo in 2016 to $733/mo in 2017. One lottery ticket, good luck.

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