Upcoming Social Security Increases For 2017

Social Security beneficiaries who receive retirement, disability and survivor’s benefits will receive an increase in benefits for 2017. The cost of living adjustment for benefits is a 0.3 percent increase, which equates to approximately a $5 monthly increase for the average recipient of retirement or Social Security Disability Insurance (SSDI) benefits. This increase is effective in December, 2016.

Americans who receive Supplemental Security Income (SSI), the federal program for disabled and older Americans who qualify based upon income and assets, will only see a monthly increase of $2 per month. The maximum monthly SSI payment increases from $733 to $735, while the maximum amount a qualifying married couple may receive increased to $1,103 per month.

Other 2017 increases include the monthly amount which constitutes substantial gainful employment (SGA) will increase from $1,130 to $1,170. Individuals earning this amount or more may not be considered disabled, regardless of their impairments. However, individuals filing a claim for disability benefits who earn less than $1,170 from employment may be approved for disability benefits.  The idea of working and applying for disability is a gray area.  We see if almost daily.   This is a topic that is very fact dependent- get specific legal advice.

There is a maximum payment that an individual may receive from either retirement or SSDI benefits. In 2016, this maximum monthly benefit amount was $2,639. In 2017, it will be $2,687, an increase of $48 monthly.

An individual’s income is only taxed by Social Security on the first $118,500 earned annually in 2016. Social Security taxes do not apply to any income earned over this amount. In 2017, Social Security taxes will apply to the first $127,200 earned.  Watch out for tax reform and the new President.  Recall the misleading news that the SSA is “broke.”   My guess is that something will happen for fund the SSA, which almost always results in MORE taxes.

If you have questions about the receipt of disability benefits, contact the Sullivan Law Office today by calling 888-587-0228 or visiting us online! One of the best ways to make sure you understand all of your options associated with applying for disability benefits is to retain the services of an experienced, knowledgeable, and qualified Kentucky Social Security Disability attorney. Contact Sullivan Law Office today. We offer free consultations, so there is absolutely nothing to lose! We look forward to hearing from you. Upcoming Social Security Increases For 2017

2016-12-16T18:31:07+00:00