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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Jbspurlock
never never will we receive a real increase that will impact our SS check!
Beth B.
The culprit for the tiny cost-of-living increase for Social Security benefits in 2017 is a general lack of inflation. In order to calculate adjustments due to cost-of-living changes each year, the Social Security Administration turns to a specific measure of inflation known as the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W for short. Specifically,
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jerry
i don”t know what planet the government figured the cost of living on but i would be more than glad to pay only a .3 percent increase on everything i purchased last year especially groceries do they(the government) not know that all companies almost on a weekly basis increase the price of their products anywhere from 10 to 300 percent.i used to work for a whole sale company for over 40 years and when we had an increase in cost it was never .3 percent it was always 1 to three percent
sherry e.
how come the rent can go up 3% or i got a 31 dollar raise but only 4 dollars on my social security… i already pay 50% of what i get a month on rent….. there COLA is better than ours??? i am curious….. so sad…. nobody cares about us older people……
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