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Social Security Announces 0.3% Benefit Increase for 2017

October 3, 2016

Social Security announced the 2017 cost-of-living adjustment (COLA) for next year will be 0.3 percent.  The announcement also stated the maximum amount of earnings subject to the Social Security tax will increase from $118,500 to $127,200 effective January 2017.

 

The good news is that there is a “hold harmless” provision that protects most retirees from increased Medicare Part B expenses when the Social Security COLA is low. However, people in the following situations will expect to pay higher Part B premiums next year:

 

 -  You’re eligible to enroll in Medicare for the first time in 2017.

 - You’re enrolled in Medicare, but you aren’t collecting Social Security.

 - You’re already subject to Medicare premium surcharges because you didn’t enroll on time       and now you have to pay a penalty.

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