In 2017, an SSI recipient’s individual income increased from $733 per month to $735 per month.  A couple’s SSI benefit increased from $1,100 per month to $1,103 per month.

Retired workers received a $5 bump on average, to $1,360.

Average Monthly Social Security Benefits 2017

The following are the estimated average monthly Social Security benefits payable beginning in January 2017.

All Retired Workers – $1,360

Aged Couple, Both Receiving Benefits – $2,260

Widowed Mother and Two Children – $2,695

Aged Widow(er) Alone – $1,300

Disabled Worker, Spouse and One or More Children – $1,996

All Disabled Workers – $1,171

The Social Security earnings limit for people age 65 and younger will increase from $15,720 in 2016 to $16,920 in 2017. Social Security beneficiaries who earn more than this amount will have $1 in benefits withheld for every $2 in earned income over the limit.

High Earners Pay More Taxes
Another change is that higher earners will pay more taxes. The amount of earnings subject to Social Security tax in 2017 will increase to $127,200, up from $118,500 this year. This tax hike will affect about 12 million of the 173 million people paying into the system.
Earn More Without Affecting Benefits

Taking retirement benefits early while still working can temporarily reduce your monthly check — depending on your annual income. In 2017, for every $2 you earn above $16,920, one dollar of benefits will be withheld. In the year you reach your full retirement age, $1 of benefits will be withheld for every $3 earned above $44,880. Once you reach full retirement age, Social Security will recalculate your benefits to give you credit for those withholdings.

Retirement Age Inches Up
For people born between 1943 and 1954, full retirement age (FRA) is 66. Next year, the FRA will increases to 66 years and 2 months for people born in 1955. This increase will continue each year, reaching 67 years for those born in 1960 or later.
Contact The Probate Pro today at (248) 399-3300 to discuss issues relative to the 2017 Social Security changes.