Florida Estate Planning and Probate Law Blog focused on recent case law and planning ideas.

2017 - SOCIAL SECURITY BENEFIT RATES

The Social Security Administration has announced its changes for 2017. Social Security benefit payments will increase by .3% (3/10s of 1%) in 2017. The Social Security Wage Base, the amount of income subject to Social Security taxes, will increase to $127,200 (up from $118,500). In addition, the age for full retirement (which has been 66 for the past 12 years), will increase in 2017. You receive the full amount of your calculated benefits at full retirement age, but a reduced amount if you start receiving benefits earlier. For those born in 1955, full retirement age will be 66 years and 2 months. In essence, Social Security benefits are being decreased since you are required to wait longer to collect "full benefits." The change in the full retirement age dates back to a "deal" enacted in 1983.