An Increase in Social Security Benefits in 2017
Reading Time: 1 MinuteLast Updated: March 17, 2021
The annual cost-of-living adjustment (COLA) usually means an increase in the benefit amount people receive each month. By law, the monthly Social Security and Supplemental Security Income (SSI) federal benefit rate increases when there is a rise in the cost of living. The government measures changes in the cost of living through the Department of Labor’s Consumer Price Index (CPI-W).
The CPI-W rose this year. When inflation increases, your cost of living also goes up. Prices for goods and services, on average, are a little more expensive. Since the CPI-W did rise, the law increases benefits to help offset inflation. As a result, monthly Social Security and SSI benefits for over 65 million Americans will increase 0.3 percent in 2017.
Other changes that would normally take effect based on changes in the national average wage index will begin in January 2017. For example, the maximum amount of earnings subject to the Social Security payroll tax will increase to $127,200.
Information about Medicare changes for 2017, when announced, will be available at www.Medicare.gov. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
You can find more information about the 2017 COLA at www.socialsecurity.gov/cola. For changes in the national average wage index, go to www.socialsecurity.gov/OACT/COLA/AWI.html.
Did you find this Information helpful?
Tags: Cost of living adjustment, Medicare, SSI
See CommentsAbout the Author
Doug Walker, Deputy Commissioner, Communications
Deputy Commissioner, Office of Communications
Comments
Comments are closed.
Cathy B.
REALLY?????
WTF do they think that is going to do???
Im sure they have everything they want and dont have to struggle. I cant wait to get of this SHIT!!!!! THIS GOVERNMENT SUCKS!!!!!!!!!!!!!!!!!
HW
The next time you have to go to the bathroom make sure you flush twice, its a long way to Washington!!
Thank You for your contribution!
Its the least you can do.
Meecha E.
The amount we get monthly is ridiculous a joke….I am a single mom tryin to raise 4 boys and have a incurable disease that makes it impossible for me to work and yet I barely make enough to cover my rent monthly let alone the other stuff i need to make ends meet for my children and then to give me a 20 cent increase when congress lines their already fat little pockets even more it is thoroughly insulting the cost of living today is at it’s highest and families of working parents need to work 2-3 jobs to make ends meet and make it pay day to pay day yet they expect us to survive off change that rolls outta their pockets….this is sad and they need to fix this they complain about the rise in homeless in this country quit sending all kinds of money over to other countries and help the people in our own backyards and maybe you won’t have to complain about the rise in families and kids and veterans that are homeless and living in cars or on streets cause shelters are over full…..we can’t help our own people but boy we have no problems sending millions over seas sad sad sad
Keith
Increases in SS are based on cost of living, one of which is gas and thats the one that held the increase down.
Who thinks senior citizens use gas as much as they did when they were younger?
SS increases should be based on a cost of living for senior citizens, which is different then to total population.
Am I right?
Thank you.
R.F.
Hi Keith. The Cost-Of-Living Adjustment or COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. You can find details about the new COLA at http://www.socialsecurity.gov/cola. Thanks!
Bill
We did not recieve an increase in 2016, however the part B premium increased. Premiums for supplements,advantage plans also went up as part D plans, the cost of CO and Share payments Rose. If there was no COLA increase (supposedly because of no rise in the cost of living)-WHY DID ALL OTHER COSTS INCREASE?
Harry H.
how is that good news sense that also means medicare is gonna go up so i lose more then i gain like a few here i would stop medicare then I’m really screwed. i mean 2.50 cents covers what a month . id rather you keep it and not raise medicare at least that way i don’t lose anything.
Rodolfo W.
I would love to know how they make the calculations to figure out the cost of living. If the Commissioner had to live with what we receive from Social Security, I’m sure he would not be fat and glossy as seen in the photo. If had invested what I contributed to S.S. I could have enough money to at least buy two modest homes and I could sell it and get triple the money I sent to the S.S.
R.F.
Hi Rodolfo. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA.
Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975.
anamassien76
Wow, $3.00 bucks. 🙂 I now have 736 instead of 733. I am tickled pink and while i am at it I can afford blue polka dots now too! wahooo!
🙂 Merry xmas to all ya’ll as well
Jack M.
You didn’t work at least 35 years. Most retirees get $1100 a month, but they worked 35 years and that’s why they get that amount. People on SSI get $733 a month. Wait, you must be on SSI, so that’s why you get $733, so be happy you’ll get an extra three dollars.
Donny W.
Actually $733 x .003 (0.3%) is $2.20 and not $3.00…hate to be the bearer of bad news…Now for the good news…Those receiving $1,100 per month will receive a whoping $3.30 more each month…woohoo!!!
Jack M.
My calculator went out, so that was just an estimate.
P.B.Walsh
Let’s just all vote for Michelle Obama!!!
Charlie D.
Last year we got 0% COLA. My major medical Insurance premiums went up by $20.00 each month, therefore, I got $20.00 less, as my premium is withheld from my SS benefits. When Medicare increases their rate, plus any increase in my Insurance, I will definitely be getting less. I am 76 years old, a widow for 28 years, and retired. I cannot work due to severe back problems. I cannot afford to shop in regular stores, only shop in dollar stores or discount houses. I can’t even afford to pay for the membership fees for the big box stores either. I don’t have any children to help me out. So, I struggle day to day. What more can I do? CRY?