SSA will also increase the maximum amount of earnings subject to Social Security tax from $118,500 to $127,200. This means that about 12 million people will pay more Social Security taxes due to this increase.
The purpose of a COLA is to
make sure that Social Security and SSI benefits stay in line with inflation. COLAs
were first instated in 1975. There was no COLA in
2016. The COLA for 2015 was 1.7 percent, which was a much higher
increase than we will see in 2017.
In 2017, we will have a new President.
The impact that the new administration will have on SSA remains to be seen. SSA
has not been at the forefront of any debates and discussions by either candidate.
The COLA should stay in effect regardless of who is voted in. However, we
cannot predict the changes that SSA may undergo under a new administration. Keeping
that in mind, do not forget to vote on November 8, 2016. It is your privilege
and right!
Got a question about SSDI or SSI that you
need us to answer? Please check out our website at www.westcoastdisability.com . We try to
provide you with helpful information on our website that will allow you to successfully
navigate the Social Security Disability process. Also, feel free to email me
your questions at megan@westcoastdisability.com or call me at (800)
459-3017 x 103.
