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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ERIC N.
.3 percent inc……Congress on both sides are corrupt…they ok hugh inc for themselves…but none for us or the Military……samefull……
Elton
The politicians will never think of US…. as long as there are no consequences for THEM.
We need an AMENDMENT to make them use the Social Security System, no more allowing them to call their own shots. Their raises should be tied to their performance just
like any other employee.
Glenn
$3 per $1,000? Has anyone in the government actually gone into a store and purchased anything in the last 5 years? I think there needs to be some reform here!
DC
Me too! Increases in medical alone
John
I have recently been trying to fix up my house to sell. Everything I purchase is twice as much as it was 3 yrs ago. I think the Cost of Living index is rigged.
Dee D.
Like everything else..
James e.
Hello iam need 3 hundred more dollers more in 2017
cg
Yes, at the least $300. We should get minimum wage anyway.
JMR
they should be giving us enough to make up for the years they did NOT give us an increase
sharon
you will get less than $60 FOR THE ENTIRE YEAR
DC
I agree it is wrong! You still can’t work..it’s wrong! We pay our congress way to much..what about us!? I’m likely going to lose my home. Can’t pay the taxes. Can’t pay the repairs and they keep slapping special assessments on my home! I can’t afford rent either..insurance was canceled because I couldn’t afford repairs! I am seriously nursing home bound! Going to end up costing government way more than if they would have helped me live in my own home!
DC
JMR there was only 1 year in the.last several that we didn’t get the the increase and that was last year…guess they is how they weed out the baby boomers…
Dee D.
Me too, nicely put..
Grandma &.
It may help a little, but since many of us lost our retirement savings and or homes, due to the shenanigans of the banks and Wall Street, it may be too little, too late! What would really help would be to fine all those crooks, take back the monies that were blatantly stolen from us, throw them in prison (not in white collar ones) and give us all a portion of it!
ROBERT C.
at least the thieves at WELLS FARGO looked you in the eyes when they stole your money. Not like the politicians that promise you a better life and give you butkus
Avoid R.
What a JOKE, send some more of our hard earned
money to every begging/blackmailing country in the world.
Our government is DISGUSTING, the laughing stock
of the world.
Remember the fall of the Roman Empire, quickly approaching in the USA.
Glenn
pānis et circēnsēs (bread and circuses)
Dee D.
You got right, its on the way…
Marc
If you hate our “disgusting” government so much, why not go live in a country with a better one?
Paul
Check to see exactly how much you’ve paid in and how much you have already received.
In my more than 45 year of work, which SSA only uses the best 35 years to base my benefit, I have paid in a grand total (ever, this is in all 45 year) of $112,752.
So over those years, that is the amount that I have put into the system.
My monthly benefit is $2,349 per month or $28,188 per year, I started taking my retirement benefits when I was 66 years old.
I am now 72 and 3 months, I received back from SSA a total of $176,175 and paid $112,752 into the system….
SSA doesn’t decide on the COLA and I am fine with my amount because I have already received over $50,000 more than I have put into the system.
Elaine l.
0.3 percent is a joke! However, something is better than nothing!!
Marilyn G.
0.3 increase is taking away for Medicare b.ckeck stays the same. that is Obama fr us
steve
so when in 2017 do we get our cola pay?
Jerry
January 1
Ray F.
The 0.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 60 million Social Security beneficiaries in January 2017. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2016.
Joseph
Yes, they switched positions with us.We let them.They are there to manage us NOT represent us.Nothing will change unless we switch places with those who no longer follow the original Constitution.There are some good ones,but they have only one vote.