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.
Carole P.
I got my 2017 benefit statement–I got a measly $5 increase and my Medicare premium went up the same $5, so my bottom line is the same as last year! Moreover, there was no increase in 2015, so no increase in spendable money since 2014! Medicare pays almost nothing!
Edna
same here,,didn’t get a penny!!!!!!!!!!!!THIS IS JUST NOT RIGHT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Sally
Shame on you social security!!!!!!!
Mary C.
Many people receiving Social Security are in for a shock. Their Cost of Living increase will not be theirs to spend because Medicare is taking the whole of it! Yes, the Government is taking that tiny increase after saying that the Cost of Living hasn’t increased but .003%. That means, for a great many people, their S.S. payments will be exactly the same as what they received last year. Now that Medicare gobbled that up that Cost of Living increase – the increases in heat, food, rents, etc., can be ignored for another year!
PATRICIA D.
Spot on!!
Robert T.
This increase IS NO INCREASE! We’re not all stupid. A .03% increase will amount to ZERO INCREASE IN OUR POCKETS! My mom got her statement and her pay will stay the same. EVERYTHING GOES UP BUT OUR PAY! I say it’s time to march on Washington and THROW ALL THE SCUMBAGS OUT! Why should Congress people get such a huge retirement after serving only a few years and also get fantastic healthcare benefits after leaving office and WE GET SCREWED! If it doesn’t change quickly under President Trump, I pray to God the people rise up and take over! .03 raise MY ASS!
Carol E.
I think it’s terrible ironic that they come up with a o.3% cost of living increase for benefits at the same time that they increase the cost of Medicare by 4.6%, more than canceling out the increase in benefits for most Social Security recipients. That must be Common Core math because it sure doesn’t add up by anything I ever learned in school.
Robert T.
Figure it out Carol…you won’t take home a penny more after they round off to the nearest dollar! IT’S A SHAM!!!
Judy D.
I’d sure like to know how they come up with such a ridiculous amount for a raise. My utilities have gone up more than .03%. I don’t even get a $5 a month increase.
John K.
Got my SS statement on my 2017 cola. 3 dollars and guess what my medicare deduction went up 3 dollars . Nothing in the pocket again.But they approved a 10 dollar raise per household for electricity A 5 dollar raise for water bill.I guess us elderly generation is going to be phased out by starvation by our government They should be ashamed
Porter R.
Got my notice today. Just enough to have hamburger one time in the coming year with my frequent Hamburger Helper. I am going to be in seventh heaven…
Carole P.
I’m shocked that you got enough EXTRA to buy hamburger. My increase was $5 and my Medicare premium went up $5, so I got nothing extra at all.
Richard
Better look again, your Medicare charges also went up..
Shirley H.
I WOULD LIKE TO HOW MUCH MY DISABITY CHECK WILL BE IN JANUARY I DRAW 1156 NOW
Shirley H.
I DRAW 1156 NOW MUCH WILL I GET IN JANUARY 2017
R.F.
Hi Shirley. Monthly Social Security and Supplemental Security Income (SSI) benefits for over 65 million Americans will increase 0.3 percent in 2017. The increase will begin with benefits that Social Security beneficiaries receive in January 2017.
steve
I talked to a lady today with SSA and she said her name was Grace ID # 4126 (on recording) and she said she want a mathmatician but the increase was she said 0.3 % – which anyone knows is actually 30%. But I knew that wasnt right so I fugured .03which is actually 3%, but what the increase really is ! it is .003 or 3 tenths of 1%; mine amounted to $5.00 / month….!
Nonya
It seems NO one is fighting for those this affects 2016 their were no raises so lets get real in two years you say Very little increase in the economy, Its a crock of BS, People are being Bamboozled, Everything has gone up the cost of living in the last 2 years have gone up a lot, Rents,food,gas, while people on a fixed income are struggling and their is NO voice for them, I don’t see ACLU,Legal Aid or others going after them, to prove the information they put out holds no water, all you have to do is look around, last month our rent went up 550.00, regular homes for the first time hit 1mil, their renting 2 bedroom duplex for 3800.00, they have sky rocketed, So dont tell me 0.3% under 6.00 increase, YOU can give millions and billions away to other countries , you waist money as in the news Billions, you print money we don’t have, you dont get any money back from the other countries, then you tell us the people how in debt we are, All thanks to you and the GREEDY and the Secret Socities who call the shots of the country, We as a country are so messed up, Pushing our own people into proverty because of GREED…
heididoghyde
A lousy $2.00 raise got to be kidding. The cost of living is increasing everything from food to cars. This is a rotten shame living in poverty because social security has to be paid from us that don’t have money. What they give a month is nothing I’m just scraping by and by the end of the month I run out of money. We have to suffer to pay their wages that are 3 times more than what we get from them and expected to pay everything like house taxes, grocery, utility bills, car insurance, house insurance, broken down auto repairs the list goes on and on.