Will There Be Payment Increases in 2017?
Social security recipients saw no changes in their benefits in 2016. However, this year there has been a modest increase of 0.3%. The increase became effective in January for most individuals. The average monthly payment is approximately $1,360 for single recipients and $2,260 for married couples.
Another increase is expected in the latter half of the year. Many are asking…
Will We Receive Payment Increases Every Year?
Payment increases are calculated every year using the Consumer Price Index for Urban Wage Earners and Clerical Workers. Generally speaking, when inflation rises, payments increase. However, this is not always good. Benefit increases do not always compensate for the rise in cost-of-living expenses.
Benefit increases do not always compensate for the rise in cost-of-living expenses.
How Much Can I Earn from Working While Receiving SS Benefits?
Retirees who are 65 or younger can earn up to $16,920 annually without paying a penalty. Individuals age 66 and older can now earn up to $44,880. This is an increase of $3000 from 2016.
Have the Penalties for Earning Too Much Been Changed?
Yes. For retirees under 65, there will only be $1 in benefits withheld for every $2 earned over the limit. For those who are age 66, it is lower at $1 for every $3 earned. There are no penalties for working after full retirement age has been reached.
Will the Retirement Age Be Raised?
This question has been on everyone’s mind. And the answer is no. President Trump has stated that he has no plans to raise the retirement age. But, he does plan on ensuring that Social Security remains strong and faithful to those who have earned it.