variPhase Blog

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Small Social Security Increase for 2017

 

If you are receiving Social Security payments you will see a very small increase in 2017 –just .03% which for the average recipient amounts to about $5.00 per month.  But it is better than last year when there was no Cost of Living Adjustment (COLA) for people receiving Social Security Benefits.  This is the smallest increase in history.

For those still working the maximum amount of income subject to Social Security taxes goes up in 2017 - to $127,200 from $118,500.

Retirees still need to watch for the announcement from Medicare regarding Part B premium rates for 2017 to see how they will fare overall in 2017.

Later in October Medicare usually announces the amount of the Part B premium and deductibles for Part A and Part B for 2017.  Most people have their Part B premium deducted from their Social Security deposit.

With the Medicare information you will be able to see the full impact on your Social Security deposit for 2017.

Here is a link to the fact sheet on 2017 Social Security rates.

Medicare Costs in 2017
Few Understand Social Security Benefits

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VARIPHASE FINANCIAL PARTNERS, LLC

710 S Ann St. Suite 300

Baltimore, MD 21231

Phone: 443.898.9544

            301.352.1877

Fax: 443.992.7599

Email: info@variphase.com