Changes To Social Security Benefits & Medicare Part B Premiums

Social security benefits rise 0.3% in 2017. There is no earnings cap for beneficiaries over 66; people who turn 66 in 2017 do not lose benefits if they make $44,880 before reaching 66; beneficiaries between 62 and 66 by the end of 2017 can make $16,920 before losing any benefits. A minimum of $1,300 earnings is needed to earn 1 quarter of social security coverage, so $5,200 earnings at anytime during 2017 will cover the full year. If you paid your nanny or housekeeper $1,900 or more in 2017, you should withhold and pay Social Security and Medicare on all of her wages. 

Medicare Part B premium remains $134 per month. But higher rates apply to seniors whose 2015 (2 years back) modified AGI exceeded $170,000 for MFJs and $85,000 for singles. Modified AGI is AGI plus any tax–exempt interest.