social security figures at-a-glance · maximum social security benefit worker retiring at full...
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GFS Financial Advisors, LLC.Donald A. GaladeCEO15 N. Beisels Rd.Drums, PA [email protected]
Social Security FiguresAt-a-Glance
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Social Security Figures At-a-Glance
2016 2017
Social Security Cost-of-living adjustment (COLA)
For Social Security and Supplemental Security Income (SSI) beneficiaries
0% 0.3%
Tax rate
FICA tax--Employee 7.65% 7.65%
Social Security (OASDI) portion of tax 6.20% 6.20%
Medicare (HI) portion of tax 1.45% 1.45%
Self-Employed 15.30% 15.30%
Social Security (OASDI) portion of tax 12.40% 12.40%
Medicare (HI) portion of tax 2.90% 2.90%
Maximum taxable earnings
Social Security (OASDI only) $118,500 $127,200
Medicare (HI only) No limit No limit
Quarter of coverage
Earnings required $1,260 $1,300
Retirement earnings test--exempt amounts
Under full retirement age
Benefits reduced by $1 for each $2 earned above:
Yearly figure $15,720 $16,920
Monthly figure $1,310 $1,410
Year individual reaches full retirement age
Benefits reduced by $1 for each $3 earned above (applies only to earnings for months prior to attaining full retirement age):
Yearly figure $41,880 $44,880
Monthly figure $3,490 $3,740
Beginning the month individual attains full retirement age
No limit on earnings No limit on earnings
Social Security disability thresholds
Substantial gainful activity (SGA): for the sighted (monthly figure)
$1,130 $1,170
Substantial gainful activity: for the blind (monthly figure) $1,820 $1,950
Trial work period (TWP) (monthly figure) $810 $840
SSI federal payment standard
Individual (monthly figure) $733 $735
Couple (monthly figure) $1,100 $1,103
SSI resource limits
Individual $2,000 $2,000
Couple $3,000 $3,000
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SSI student exclusion limits
Monthly limit $1,780 $1,790
Annual limit $7,180 $7,200
Maximum Social Security benefit
Worker retiring at full retirement age (monthly figure) $2,639 $2,687
Formula for Monthly Primary Insurance Amount (PIA) (90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y)
X=$856 Y=$5,157 X=$885 Y=$5,336
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GFS Financial Advisors, LLC.Donald A. Galade
CEO15 N. Beisels Rd.Drums, PA 18222
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017
IMPORTANT DISCLOSURES
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legaladvice. The information presented here is not specific to any individual's personal circumstances.To the extent that this material concerns tax matters, it is not intended or written to be used, andcannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.Each taxpayer should seek independent advice from a tax and legal professional based on his orher individual circumstances.These materials are provided for general information and educational purposes based upon publiclyavailable information from sources believed to be reliable—we cannot assure the accuracy orcompleteness of these materials. The information in these materials may change at any time andwithout notice.
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