Every new year brings with it new and exciting changes and challenges and the Social Security program in America bears no exception to this rule. With the new year having just begun, many people are wondering what changes will be made to one of the most prevalent social funding programs in our country. While there is a lot of speculation still to be had regarding how the changing political atmosphere will impact programs like Social Security there are a few guaranteed changes that will be coming to the Social Security system this year.
The first major change is a welcome one for all people who collect benefits from Social Security. Due to the average increase of wages in America, and partially adjusted for recent market inflation, the amount of money being dispensed per person has increased. It is not a major increase, but it is still welcome and every little bit helps, particularly those who are living off of the money that they receive from Social Security and SSI. There is also an increase in maximum benefits granted, which will not affect everyone, but is good news for those that already receive high amounts of funding.
On the negative side, there are changes coming to Social Security that may not be so good for those seeking benefits. Also due to the average increase of wages in America, the cutoff for increased earnings limit is being raised. This means that people who earn lower incomes might not be in the same bracket of receiving benefits as they were last year, if they are accepted for benefits at all. This may force some people out of receiving benefits if they were right on the cusp last year. In addition, the retirement age for benefits is most likely going to be increasing this year, which means that people who seek benefits for retirement might not be able to receive full benefits until later on.
Overall, there is still a lot of speculation regarding the changes that will be made to Social Security in 2017. Some are projecting retirement age to increase by a lot, or tax funding for the program to be either increased or decreased by a significant margin. There is little to do except watch how the changes will play out in the political arena and plan accordingly. One thing that will never change is the Franco Law Firm’s commitment to helping all people receive the benefits that they need from Social Security and representing those who are seeking approval into the program. To learn more about how we can help you in your application or appeal process for social security benefits, please call us at 813 872 0929.