The Latest Social Security Information in 2017
Bad news is that social security benefits only increased for 2017 a very small fraction of 1 % (0.3%)and that disappeared by the increase of Medicare Part B payments during the year. This increase was the Cost of Living adjustment for the entire year.
Now the good news; according to the latest projections, the annual adjustment will be 2.9 for 2017 and 2.6 % for the following years.
The full Social Security benefit rises in 2017 to become age 67 based on years of birth after 1954 until 1960. That age increases two months for every birth year between 1954 and 1960.
Taxable income climbs from $118,500 for last year to $127,200 in 2017 an increase of over seven percent.
If you retire early (prior to full retirement) this year you may have earned income up to $16,920 for this year without a reduction in benefits.
For those who have yet to retire and draw social security benefits, keep in mind that if you can wait until after you reach full retirement and beyond. You will receive an additional 8 % per year in annual benefits up until you reach the age of 70.
Watch below for an informative video concerning your benefits.
Check online at least once a year with the Social Security Administration for a summary of your benefits to date and feel free to give them a call if you have any questions or just further information.
Daniel F. Iuculano AAMS CMFC
Accredited Asset Management Specialist