There are some important changes happening for social security recipients this year. From payment increases to higher earnings limits. We thought we would share them with you so you know how these changes might affect you and your family.
There have been several tweaks to the program this year that will result in a modest increase of 0.3%. For most recipients, this translates to an average monthly payment of $1,360 for single recipients and about $2,260 for married couples.
Benefits are adjusted to keep up with inflation and are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.
There are also changes to the tax cap. In 2016, the maximum amount a person could earn and be taxed on was $118,500. Anything over this amount was not taxable by Social Security.
This amount has been increased to $127,700 for 2017. This increase means 12 million more people will contribute which will…