If you are receiving Social Security benefits then you will receive an increase this year. The cost of living (COLA) will increase a whopping $0.3 percent. The worst in history yet but hey, from no increase in 2016, this average $4 a month for recipients shows progress!
What else you shoud know…
For those working and paying into Social Security, unfortunately the COLA increase in the only increase you will be seeing. The next increase is on the maximum limit in which wage income is subject to Social Security payroll taxes. With no increase in 2016, this year, the taxable maximum increases from $118,500 to $127,200. This breaks down to a tax increase of about $539.40, for self employed workers your tax increase is doubled.
To grasp an understanding pertaining to your specific situation, contact us and will be more than happy to assist you.