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 $127,200.
Information about Medicare changes for 2017, when announced, will be available at www.Medicare.gov. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
You can find more information about the 2017 COLA at www.socialsecurity.gov/cola. For changes in the national average wage index, go to www.socialsecurity.gov/OACT/COLA/AWI.html.
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Tags: Cost of living adjustment, Medicare, SSI
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Doug Walker, Deputy Commissioner, Communications
Deputy Commissioner, Office of Communications
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betty P.
when will the social security benefits award letter be
mailed out?
R.F.
Hi Betty, if you’re referring to the cost-of-living adjustment (COLA) notices for 2018, these letters will be mailed out during the month of December. Thanks!
Russell K.
Govt waste billion$ of our money in so many ways but can’t see fit to give retirees or those having to work (like me at 67) a decent raise AND we are still paying this tax as we labor
guyasa g.
Still i need to get some one who is send me dollar?Please help me.
John H.
I live in Ohio and have had a lot of co-pay expenses due to my wife having four operations in the past three years and also developing macular degeneration in her left eye. We need help, all we have is a $325 dollar pension and social security. My experience with the social security people phone calls etc has been as successful as standing on a lake Eire beach and pissing into the lake.
patricia
how much of an increase for ssi..
ive been trying to find out.
Connie M.
With these cost of living raises that we get 3% our monthly medicare raises 3% too so we actually dont get a raise. Just enough to pay more for medicare. Does this make sense to you. We need money that we can actually use.
jack
a bout time
Edward
It is so wrong the way you calculate our cola . All the rich get richer and we still pay for it. Stock Market is making a killing Company’s are making money but still crying poorhouse. Sure you can keep cola down by the way you calculate people who really don’t make big money, so cola is low. It is so unfair why not give us a decent amount we can use. ..03 is nothing to us because you raise our premium for S.S. medicare. All wrong
Sandy S.
I agree! I don’t know how COLA figures the cost of living but mine has gone way up with no raise. I am going to be on assistance pretty soon because of an unexpected disability. I even work part-time when I am able but hardly can pay for the gas in my car much less keep the car on the road.
Carlton L.
I am penalized under Reagan’s WEP law that penalizes union firefighters, teachers and police that also worked, like I have, for 52 years paying into SS under other jobs. Why did the substantial earnings minimum for 2017 go up over 7.0% when inflation was .3%. Is this part of Trump’s agenda to cut SS?
J A.
We didn’t get any increase for three years of the Obama administration and dem control of congress…..and you accuse Trump of cutting????
MrBubble
Why don’t one of the SS representatives on here refer us to a nice SS publication to we can print it out and roll it up and shove it up our behinds to take our minds off of the pain from the COLA increase>