Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2014 through the third quarter of 2016, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 0.3 percent COLA for 2017.  Other important 2017 Social Security information just released is as follows:
SUPPLEMENTAL SECURITY INCOME (SSI)
SSI Maximum Benefit (based on countable income):  $735 (individual)        $1,103 (couple)   
Student Income Exclusion:   $1,790/month,  $7,200/year – not counted to determine income 
SOCIAL SECURITY DISABILITY INCOME (SSDI)
SGA Income limit:        $1,170  ($1,950 blind) – not eligible for disability if earn more than this per month (Note: unearned income, such as gifts, rent payments, trust payments, interest, dividends are NOT countable as income)
Quarter of Coverage:   $1,300 – must have paid in 40 quarters of coverage in Social Security-covered earnings to be eligible for SSDI (less for certain younger workers) 
SOCIAL SECURITY RETIREMENT – EARNINGS LIMITS
Full retirement age: 65 (born in 1937); 65 and 2 months (born in 1938); 65 and 4 months (born in 1939); 65 and 6 months (born in 1940); 65 and 8 months (born in 1941); 65 and 10 months (born in 1942); 66 (born 1943 – 1954); 66 and 2 months (born 1955); 66 and 4 months (born 1956); 66 and 6 months (born 1957); 66 and 8 months (born 1958); 66 and 10 months (born 1959); 67 (born 1960 or after) – if wait to file at FRA, can have unlimited earnings without causing SS reduction.  
Maximum Social Security Retirement benefit at FRA:  $2,687 
Average Social Security benefit:  $1,360 
Under full retirement age:  SS retirement benefits reduced $1 for every $2 over earnings limit ($16,920/yr, $1,410/mo. in 2017.)  Spousal benefits are also reduced due to your excess earnings.  In the year reach full retirement age, reduced $1 for each $3 earn above a different limit ($44,880/yr, $3,740/mo. in 2017) but only before the month you reach full retirement age.
Only self-employment and wage income are considered – passive income is not counted.
Maximum Taxable Payroll Earnings:  $127,200 (2017)   (up from $118,500 in 2016)
Tax Rates: Employee  7.65%  (6.20% Soc Sec, 1.45% Medicare)

Self-employed: 15.30%

NOTE:  The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the maximum taxable payroll earnings shown above.   The Medicare portion is 1.45% on all earnings.  Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicare taxes.  The tax rates shown above do not include the 0.9 percent.
To arrange a meeting to discuss your rights and options, contact our office online or call us at 601-987-3000.