Social Security changes in 2017
- For people born between 1943 and 1954, full retirement age is 66. That will be increased in 2017 by 2 months for people born in 1955. Ultimately, the increases will continue until the full retirement age ends up being 67 for those born in 1960 or later.
- There will be a .3% increase in monthly benefits in 2017, this is an average monthly increase of five dollars.
- Earnings subject to Social Security tax will increase in 2017 to $127,200.00. This will effect approximately 12 million IRS payers.
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