2017 will bring modest payment increases for all social security recipients. The average monthly payment will increase to $1,360 for single recipients and about $2,260 for married couples.
But that’s not all the good news coming from Washington these days. Social Security recipients who want or need to work just got a helping hand from Washington.
Those people, who want or need to work, will now be able to earn more in 2017 without affecting their benefits.
Those under 65 can earn up to $16, 920 this year. Those who are turning 66 can earn as much as $44, 880, up $3,000 from last year.
In the past, if you worked and received benefits you faced penalties if you earned too much. Those penalties are going down this year, reflecting the new reality that Americans are working much later that before.
$1 in benefits will be withheld for every $2 over the maximum earnings for those under age 65. For those 66, but not yet full retirement age (66yrs, 2 months), $1 for every $3 earned over the limit will be held back.
Once full retirement age is reached, there is no limit on what one can earn. Also, any money previously withheld will be returned.
The maximum benefit payment a person at full retirement age will get is going up to $2,687. However, that payment could increase by more, if retirement is delayed until age 67.