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.
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Tags: Cost of living adjustment, Medicare, SSI
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Doug Walker, Deputy Commissioner, Communications
Deputy Commissioner, Office of Communications
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Harry
To prevent the SS fund from running out of money in about 17 years, would it not be a good idea to raise the SS wage base from $127000 to $250000. That way there would be more money collected to keep the fund going for at least a litle longer!.
Joe F.
I normally do a very long email when it pertains to Social Security. I feel as though our Government is Not for the people that they are elected to make sound choices when voting on a bill. Like all of the rest of us, I’m Insulted that Social Security keeps 33% of those who are Disabled. I personally did not elect to become disabled, however my wishes do not change God’s Will.
Our Government should be ashamed for literally stealing our money. The 33% that they keep is Ours as we all paid taxes on this money and the employer did also.
We didn’t receive an increase in our checks for 2015. The feeble reason “Gas Prices” were down was something a child in 1st grade might think of. The price index surely went upwards, just go to a grocery, and the people that “We Elect” to represent us, were just “Figures of Representation”.We’ll all get the 3% raise due to the “Price Index Increasing”. Come on does the Government really think that 3% is the Total of the Increase in the Price Index? I’m sure it’s much higher. When are we going to get a Fair Shake from our government…
Sorry I rambled again..
Cheryl L.
What a joke. 0.3 percent equals nothing. And they are raising medicare premiums so you will get even less. I want our president, senators and reps to live off the amount they give us to live on. Let’s see how fast it changes if they have to make ends meet on this never income.
HAMLIN A.
0.3 SERIOUSLY????
Tom V.
if the disability payments that go out to all of fraud payments were investigated with more candor. It is shame to see how familys use this because they are to damn lazy to work. the honest person suffers while frauds laugh at the one who supports them what a shame on the system. and the leaders of this county borrow from and never pay it back
Sally M.
I’m so upset about the embarrassing COLA increase for 2017. They say inflation hasn’t increased, but everything in my budget is going up at least $20 each. They tripled our county taxes this year and all the Medicare insurance plans are going up. Who did they get their information from? No politician should get a raise. I’ve refinance my home and will be paying for it until I’m 95. Any extra I was putting toward the principal will be taken by all the other increases.
Don L.
COLA increase for 2017 is ridiculous. Not all costs have gone down…utilities, water, auto insurance, phone and others keep increasing more annually than COLA!
Joe F.
We remember that we did not get any raise in our Social Security money. The excuse used was due to Gasoline prices. What about all the things that did go up and effect our SSD money. All utilities, Grocery’s are higher across the board and all that I can say is “OUCH”. Social Security need to be revamped and raises in Social Security need to reflect the Entire Chains as to where our money goes. I personally have been on Social Security since I was 54. I made a great living while working and expected All of the Money that I was due from Social Security. Instead, 33% was and is withheld from what I receive each month. I didn’t choose to have a Sever Neck Injury that left me jobless, not able to work and have to live in “Poverty’. The 33% that was withheld from me was paid be myself and employer. When I think of the “Powers’ that make the decision, I feel as though “I’ve been Robbed” by my own country. The money certainly doesn’t belong to our “Country”. I belongs to all of the people that had to take Social Security early due to being disabled. To make this more clear, Our Government is greedy and is taking our hard earned money that we paid taxes on. I call this Highway Robbery without any feeling of remorse for what they have literally stolen..
The 3% that we’re getting is just a “Slap in the Face’. and they Marvel and Take Credit for giving us money to get us out of ‘Poverty”. They don’t have an idea as to what it takes to ” Survive” as the are not only given “Free Medical” they get “Credit Cards” to use as they please.
I’m ending now knowing that one has to be a “Crook” to be elected State and Federal employment.
barb
How nice is it that the only increase that is worried about is the minimum wage amount. Seniors are not important in the USA. Why are seniors expected to live on under $1,200 per month.We not longer can live like this. Guess it means that you give up your personal form of transportation and send the rest of their days just staying at home. What about food cost keep raising and seniors have less and less for their daily needs.
R.L.D.
All you people don’t take into account that a persons s.s. is based on what the person made while working,
And from what I’ve seen all congress and others in high gov. spots make a hell of a lot more then the reg. person.
Jack M.
I know that’s why I seldom say a word because those $4 dollars and change I’ll be getting isn’t going to make me rich. We get what we put in and most people didn’t earn that much in their working days.