Incom

Jan 24 2019

Social Security Earnings Limit 2017 – Social Security: Information – Updates, social security income limits.#Social #security #income #limits

Social Security Earnings Limit 2017

On Tuesday, 10/18/16, I published the Social Security Press Release about the Cost of Living Increase and other Annual Changes. The fact sheet about other Annual Changes contains some useful figures for workers, Social Security beneficiaries and others interested in our programs. One of the changes included was the increase in Social Security Earnings Limit (or retirement earnings test). This is the allowable earnings limit for those receiving early retirement benefits and the spouses, children, widows and widowers of retired, disabled or deceased workers who are receiving Social Security benefits. These numbers do not apply to disabled workers who are receiving benefits. (Here are the rules for disabled beneficiaries who want to return to work: https://www.ssa.gov/pubs/EN-05-10095.pdf ).

Here are the amounts:

Retirement Earnings Test Exempt Amounts:

Under full retirement age $15,720/yr. for 2016; $16,920/yr. for 2017

($1,310/mo. for 2016); ($1,410/mo. for 2017)

NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit.

The year an individual reaches full retirement age $41,880/yr. for 2016; $44,880/yr. for 2017

($3,490/mo. for 2016); ($3,740/mo. for 2017)

NOTE: Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit.

There is no limit on earnings beginning the month an individual attains full retirement age.

Here is the link on the Social Security website to the Fact Sheet: https://www.ssa.gov/news/press/factsheets/colafacts2017.pdf .

You will notice that there are changes to the other limits also such as the FICA tax rate, the maximum taxable earnings, work credits, the disability threshold, the maximum retirement benefit, the SSI payments rates and the estimated average monthly Social Security benefits payable in January 2017.





Written by admin


Leave a Reply

Your email address will not be published. Required fields are marked *