Los Angeles Social Security Lawyers Explain 2017 Changes
SOCIAL SECURITY CHANGES FOR 2017 –
Every year the Social Security Administration adjusts a number of “facts and figures” that affect the Social Security Benefits you will receive.
The changes to Social Security for 2017 have been announced and are set forth below by our experienced Los Angeles area Social Security lawyers.
Social Security Cost-of-Living Adjustment (COLA):
Social Security and Supplemental Security Income (SSI) recipients will get a 0.3 percent “cost of living” increase for 2017.
Social Security Tax Rate:
The rate at which your income is taxed stays the same from 2016 to 2017.
Employees will continue to pay 7.65% in Social Security Taxes. (On earnings up to the applicable taxable maximum amounts below). 6.20% of this is Social Security tax and 1.45% is the Medicare portion.
Self-Employed persons will continue to be taxed at a rate of 15.30% for Social Security & Medicare combined
Also, since 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) must pay an additional 0.9 percent in Medicare taxes.
Social Security Maximum Taxable Earnings:
The maximum taxable earnings will increase in 2017 from $118,500 to $127,200. (Note on the Medicare portion there is no limit.)
Social Security Disability Income Thresholds:
The Social Security Administration limits the amount of money you can earn and still collect Social Security Disability. If you earn too much you will be considered to have “Substantial Gainful Activity” (SGA) and therefore not disabled.
The amounts you are allowed to earn will be raised in the year 2017, as well. A non-blind individual can earn $1,170/month – up from $1,130/month – before their Social Security Disability will be terminated for “SGA”. And a blind individual can earn $1,950/month – up from $1,1850 in 2016 – before their Social Security Disability will be terminated for “Substantial Gainful Activity”.
SSI Federal Payment Standard:
While the amount of SSDI (Social Security Disability) you may receive depends up your lifetime contributions, the SSI Federal Payment Standard has also increase in 2017 from $ 733/month to $ 735/month for individuals, and from $1,100/month to $1,103/month for couples. However the SSI Resources Limits remain the same from 2016 to 2017 at $2,000 for individuals and $3,000 for couples.
Our Los Angeles Area Social Security Lawyers Can Help
These changes in the Social Security law can be difficult to understand. If you are disabled and are curious about what your Social Security benefits are – or would be – call our experienced Los Angeles area Social Security Disability lawyers today for a free consultation. We can help you understand your SSDI benefits – and can help you obtain the maximum Social Security Disability for which you qualify.