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Medicare & Social Security



Full Retirement Age

 

Year Of Birth

Full Retirement Age

 

1943-1954

66

 

1955

66 and 2 months

 

1956

66 and 4 months

 

1957

66 and 6 months

 

1958

66 and 8 months

 

1959

66 and 10 months

 

1960 and Later

67

 

*You must sign up for Medicare at age 65 or face higher premiums (10% increase for each 12-month period you were eligible for, but not enrolled in, Medicare Part B)

 
 
 
     

Working and Social Security

 

Before Full Retirement Age

 

Deduction of $1 for every $2 earned over limit

 

2016 Annual Limit

 $                                   15,720

 

2017 Annual Limit

 $                                   16,920

 
     

In Year of Full Retirement Age

 

Deduction of $1 for every $3 earned over limit

 

2016 Limit before Full Retirement

 $                                   41,8800

 

2017 Limit before Full Retirement

 $                                   44,880

 
     

Increase for Delayed Retirement

 

Year Of Birth

Yearly Rate of Increase

Monthly Rate of Increase

 

1933-1934

5.5%

0.4583%

 

1935-1936

6.0%

0.5000%

 

1937-1938

6.5%

0.5417%

 

1939-1940

7.0%

0.5833%

 

1941-1942

7.5%

0.6250%

 

1943 and Later

8.0%

0.6667%

 
       

Benefit Amount for Early Retirement

 

Age of Retirement

Full Retirement Age is 66

Full Retirement Age is >66

 

62

75.0%

70.0%

 

63

80.0%

75.0%

 

64

86.7%

80.0%

 

65

93.3%

86.7%

 

66

100.0%

93.3%

 
       

Medicare Part B Premiums

 

If Your Yearly Income in 2015 was (Line 37 on Form 1040)

 

and You File Individually

and You File Jointly

You Pay In 2017

 

$0 - $85,000

$0 - $170,000

$134.00

 

$85,001 - $ 107,000

$170,001 - $ 214,000

$187.50

 

$107,001 - $ 160,000

$214,001 - $320,000

$267.90

 

$160,001 - $214, 000

$320,001 - $428,000

$348.30

 

$214,001 and Above

$428,001 and Above

$428.60