In fact, with the exemption in effect, shoppers from the suburbs and perhaps those from nearby parts of Connecticut, which has a 6.35 percent sales tax, might be enticed by a simple calculation: Shop for clothes (under $110) in New York City, and pay no sales tax. And city residents might be enticed to stay.
For example, if you're 64 years old, taking home $1,100 a month in Social Security benefits ($13,200 annually), and you earn $24,000 in wages in 2016, you can expect the SSA to reduce your 2016 annual benefit by $4,140 ($24,000 minus $15,720, then divided by $2). Your net benefit would be $9,060.
Inflation ticked higher this year, and as a result, the Social Security Administration is increasing Social Security payments by 0.3% in 2017. The slight increase in Social Security income means that the maximum monthly Social Security benefit at full retirement age next year will be $2,687 per month. However, the chance that someone would get that amount depends on their past earnings and when they claim their Social Security benefits.