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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Edwin S.
For those of you who do not realize the increase was 0.3% (note the period before the 3)
and that is only $3.00 per each thousand. Anybody who thinks that inflation was that low has not bought anything in the last year. The same stupid idea as thinking the employment rate is 4%. They fudge all the data thinking we will believe them. And now they don’t understand why the progressives just lost the election… what a bunch of dunces!
Susan W.
Cost of living increase 0.3%, cost of medicare part b goes up almost 30.00 a month. Great
Disgruntled a.
A $4.00 increase as a COLA is an obnoxious absurdity. How can anyone in their right mind expect a $48.00 annual increase to be of any significance especially when taxes are also paid on the increase. The system or formula used to determine the COLA MUST be changed to reflect a realistic living index.
Tony z.
Spent millions of dollars for election,& they give peanut for working all our life & paying taxes, they are paying to feed the birds.it is so ashamed,we hope the new president will do better & I am.confedent it will.
Tony z.
They spend millions of dollars for elections,& they give peanuts to seniors , not enough to feed the bird ,they Are so cheap they don’t care about senior working all their life & build the country paying taxes all the times been working.i know the new president will do much better in future ,be patient.
norma
if you get $733 now,how much will it go up with 0.3%
TA S.
I AM 80 YEARS OLD AND STILL WORKING FULL
TIME. BECAUSE I AM STILL PAYING IN SS, DOES
MY AMOUNT PER MONTH CHANGE EACH YEAR.
dave c.
SINCE BLACKS AND WHITE CHRISTIAN REPUBLICANS ARE RUINING AMERICA WE SHOULD NOT ALLOW THEM TO EVER GET SS EVER…FCK JESUS CHRIST IN THE COLON.
HW
We all need to get in touch with your legislators and tell them to get on the stick and pass the HR-4012 bill.
This would help the us seniors some!
Tami L.
What’s sad is that many of us are forced to live in either poverty, abusive or unhealthy environments or simply under an uncaring/unhappy spouse’s thumb because we cannot afford to live on our own with what we receive in SSDI/SSI depending on our age/years worked prior to disability ~ I am 49, disabled since 2009. Even with my home being paid for – I still cannot afford to live on my own and there’s no add’l help out there – at least not in MN. Thx for listening to me whine! 😉 TLC in MN