Every passing new year brings with it new changes and the Social Security program in America is not excluded from this. Typically, every few years or so modifications are made to this and other government agencies to keep them up to date so that they can best serve the people that they are meant to. In 2017, there are a number of changes coming to the Social Security (SS) program. While most of these won’t affect current benefactors of the system, it is good to be aware of them nonetheless.
Probably the biggest change coming to the SS program is the official age of retirement. For a long while, full retirement age was 65. This has now been increased to 66, but this should not affect the benefits of anyone who is already collecting full retirement benefits and is not yet 66. Note that is this is expected to increase again next year, but is, as of yet, unconfirmed.
There are a few changes that are set to take effect that will impact those currently collecting benefits from the SSA, and are both positive and negative. Everyone will receive an extra 0.3 percent boost to the financial amount that they receive from the program, which even more increases set for those collecting retirement benefits. The downside is that beneficiaries who are at the high end of the bracket will need to pay more in taxes. This meant to help offset the increases to everyone else.
Please be aware that these changes have already taken effect for the 2017 calendar and should be impacted your benefits if you collect them from the Social Security program. If you have any legal troubles with the Social Security system, we at the Franco Law Firm have many years’ experience in working with the Administration and people like you in the Tampa Bay area. For more information about the services we offer, please call us at (813) 872-0929.