Many people worry that the Social Security system will run out of funds before they start taking their benefits; this is not a totally crazy thought. Unless changes are made, the Social Security Trust fund is predicted to be out of reserves by 2033, then being supported solely by the deposits being made. One change that has been put into place is pushing out what is considered full retirement age for benefits. The next change occurs starting in January and this is the one I predicted.
Currently, $118,500 of your earnings is taxed for Social Security. As of January 1, 2017, that amount increased to $127,200 and this is a 6.8% increase in what can be taxed for Social Security. This increase is to help prop up the Trust fund, but whether these two changes are enough remains to be seen.

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