Social Security: What’s New in 2017
Why It Matters:
• Social Security isn’t static. Many years there are adjustments and changes.
• For 2017, there is an increase to how much earnings are subject to Social Security taxes, which could affect high-wage earners.
• Social Security benefits adjust for inflation, but you may be surprised by how small that adjustment can be.
For 2016, there were some pretty big adjustments to Social Security. This year, the changes were more subtle, but they are nevertheless noteworthy.
Last year, Congress finally caught on to strategies married couples were using to boost total household Social Security income, and the ensuing end to “file and suspend” and “restricted application” changed how those couples could prepare for retirement income.