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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Gloria D.
We have got to protest go into their offices and let them see our face.. Almost all of them should be retired, they are all too old to be making any kind of decisions. I could not believe it when I saw that .3 . Let me know if we are going to organize.
Sassy
It’s not up to the SS Administration, it’s up to Congress and signed by the President! We need to contact our Representatives and complain.
Mark
Wow cost of living raise didn’t even offset increase in medicare premium. I’m receiving $10/month less on my check
Daivd
I find it very ironic that our cost of living increase of .03% is the same amount that my medicare cost went up this making my net exactly the same as it was in 2016. Did all of you have the same result?
JB
Yes. The entire amount goes to a Medicare increase. My wife and I have very different SS monthly benefits but the increases were exactly the same as the increases in our Medicare deductions. So our net benefit is exactly the same as last year’s. What kind of Tom-foolery is going on?
chris
Just checked MySS. My benefits did not change and the cost for Medicare premium did not change so where is the.3%
R.F.
Hi Chris. The standard Medicare Part B premium for medical insurance in 2016 was $121.80. The standard Part B premium amount in 2017 is $134 (or higher depending on your income). However, most people who get Social Security benefits pay less than this amount. This is because the Part B premium increased more than the cost-of-living increase for 2017 Social Security benefits. If you pay your Part B premium through your monthly Social Security benefit, you’ll pay less ($109 on average). For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums. For more information visit http://www.Medicare.gov. Thanks!
Ms. F.
I just got my direct deposit today for the new year, it stayed exactly the same as last yeat, I guess the insurance went up and took the entire .03% raise, pathetic that our government got a 3% or better cost of living due to inflation and we only got a lousy .03%, that really makes no sense. This was all planned, it was only enough to cover the increase in insurance. I worked all my life for this, who can even live on it? To go from $60K a year in salary, car and bonuses down to $1249 a month…no wonder we have to supplement our income some way just to eat.
Sassy
Funny how obama even gave himself a pension raise before leaving office too. But has never taken care of Seniors or our Veterans! So glad we now have a President who is for ALL Americans!
My increase might by a loaf of bread!
Jeanne
OMG, got a letter from social security that I agree to a $19 additional charge for my prescription drug plan. I never agreed and now both my husband and I will have this new chg. So that’s $38 less………….
Wanda
How can you get a raise but get less in your check !!! A big slap in the face.
John
I got a $3/mo increase. Whoopee! Can’t even buy a package of bacon… How much did Obama and the rep of Congress get? Bet it was much more than that. And they juggle the books. Inflation went up alot more than three dollars a month!
Larry
They seem to find money for other countries, minimum wage increases for all federal employees and government contractors, illegal immigrants and a host of other things but fail to make amends for the American senior citizens. There is supposed to be more jobs coming, which is good, and they are supposed to be higher paying jobs, which is good, but what about those on fixed incomes? Seems their focus is in the wrong place.
Janice D.
It’s a shame and a disgrace for one of the richest and prosperous countries in the world ignore, our Seniors, Teachers and Veterans.
Have we noticed how entertainers ,as well as,non entertainers come into the U.S. for more riches. Of course, nothing is wrong with this, as the saying goes “It’s business”.
Why can’t our teachers seniors and veterans get a piece of the pie, they have put time in as well and some continue still?
Mrs. V.
I have worked every since I was a teenage Ir. I have worked two jobs at a time because one just didn’t cover my expenses. In 1990 I was injured on the job. I didn’t receive anything but workers comp. and wc insurance. I was on disability for 3 years, while I was going through rehabilitation after 2 surgeries. I returned to work and worked for 13 years in pain. I worked until I could no longer work. I really am very disappointed and sadden by this. I can barely pay my bills each month, and sometimes, I don’t know where my next meal is coming from. I also have to pay insurance for my prescriptions, which I can’t afford but you have to do what you have to do. I am currently studying for my cdl permit to drive a school bus again, I am going to work in extreme pain. Praying to God to give me the strength I need to accomplish my goals. For the life of me, I can’t understand why they think we can live on so little of money. I don’t know how this is going to work out for me, but I have to at least try. I don’t have a choice but to try going back to work. I’m a senior citizen and I have paid my dues, I am really in a bad way, can barely walk some days but I know God will make a way for me.
stephanie c.
Dear Mrs. Brown, I know GOD will hear your prayers. I pray for you and hope you are successful in your new job search. I wish you all the best.