5 Biggest Social Security Changes You Need to Know About

2. The maximum benefit amount is increasing

Social Security written on a newspaper scrap

Money and Social Security | iStock.com/zimmytws

Social Security caps monthly benefits for retirees at a certain level. Last year, the most a worker at full retirement age could receive was $2,639 per month. In 2017, the cap will increase to $2,687 per month. Whether you’ll receive that much depends on your lifetime earnings.

The slight increase in maximum benefits makes up somewhat for a hit high earners took in 2016. That year, the maximum benefit amount actually fell from $2,663 per month to $2,639 because there was no COLA but there was an increase in the national average wage index.

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