Recipients of social security benefits will see a slight increase in their benefits of about 0.3 percent due to a rise in the consumer price index from 2014 through 2016. While the news is welcome to some SSI benefit recipients, it won’t mean a large increase in your benefit check. The 0.3 percent COLA works out to be about a $5 per month increase on average, according to the CBS news website.
According to reports, you will also be able to earn up to $16,920 in income in 2017 without paying being penalized on your Social Security benefits. That is up from $15,720 in 2016.
According to reports, the Social Security payroll tax of 12.4 percent will apply to income of up to $127,000. Up from $118,500 in 2016.
To see a complete list of changes to Social Security benefits for 2017, click here.
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