The Social Security automatic cost-of-living adjustment for
December 2016 and the wage-indexed amounts for 2017 were
announced on October 18, 2016. More information on these
automatic adjustments is available.
The 2016.1 or 2016.2 versions of the Social Security Benefit
Calculator can be updated to include the newly announced
amounts. The amounts required for updating the 2016 versions
of the Social Security Benefit Calculator are as
- Cost-of-living adjustment for December 2016: 0.3 percent
- National average wage index for 2015: $48,098.63
- Contribution and benefit base for 2017: $127,200
- "Old-law" contribution and benefit base for 2017: $94,500
To update a 2016 version of the calculator, choose
Properties from the main menu, then Historical
Amounts, then Update. If the dialog box that appears
requests amounts for 2017, enter the above amounts.
If it requests amounts for 2018 or later, then the
amounts for 2017 computations have already been entered. In that
case, press Cancel, then choose Properties,
Historical Amounts, and Modify. In the dialog box
that appears, press Next Year or Previous Year
until it requests amounts for 2017 computations. Then enter the above
When you are ready to use the newly entered amounts, choose
Properties from the main menu, then Computation
Year. In the dialog box that appears, enter 2017.
The calculator will now produce 2017-style estimates, except that
the stored assumptions (from the 2016 or older Trustees Report) will
not be updated. To have a fully up-to-date calculator, you should
download the new version.