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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GreyD
I would like to see SS benefits increases tied directly to any increases that the House of Representatives votes for themselves. If they get a nice fat increase, let SS rates increase at the SAME rate.
Dee D.
Im with you on this one, good idea..
ndg
It is a big joke. The cost of monthly expenses goes up lot lot more than 0.3%….. We elect politician and they screws us.
Kelly
WHAT AN INSULT TO WE SENIORS as we’ve worked years in hope of ‘recouping’ our pay into Social Security!
When my husband died ALL I RECEIVED WAS $255.00 then told at retirement ‘CHOSE his Social Security or mine’ for benefits! SO ALL HIS DOLLARS PAID IN STAYED IN THE SYSTEM FOR GOVERNMENT TO SPEND ON OTHER THINGS OTHER THAN SOCIAL SECURITY!’
AND YOU ALL WONDER ‘WHY AMERICANS ARE ANGRY & FED UP!’
BECAUSE U DONT CARE ONCE YOU ARE ‘ELECTED!’
Kelly Getche
Ohio
Pam
Well said and on point…
James S.
As someone stated it is better than nothing. Look at the price of gasoline will it stay relatively low at around $2 per gallon NO, will prices continue to increase YES. So the 0.3 percent increase means maybe we will be able to afford 1/2 gallon of gasoline or maybe a small loaf of bread. The method used to figure increases is outdated and should be changed.
Dee D.
I agree
ROBERT C.
agreed
cg
This would be laughable if it were not such a slap in the face to all social security recipients. No increase last year and .3% this year. Is that 3/10 th of one percent? Keep it or give it to congress, they seem to think they deserve a raise. This is despicable. We worked and were made to pay into this account so we could live after we were forced into retirement. With the increase (don’t know how much yet) in Medicare, I’ve got to decide what bills can be cut, what I can do without. I am sure there are plenty of people worse off than I.
K
Stacieee, Don’t get too excited. If you read the whole thing it also says that Medicare rates will be increasing, so no extra money for you.I sure wish some of our Federal law makers would have to live on what some of us live on; they might change their tune. Also I wonder how much of my money that I have paid in is really going to get in my pocket. Half is probably going to illegal immigrants- you know the ones. They have paid for illegal SS cards using your SS number. I personally know this because of my position in a previous company I worked for where some were presented. Told them they needed to go to SS Office. They came back in less than an hour and had used white correction fluid to change one of the numbers. PLEASE, HOW DUMB DO YOU THINK WE AMERICANS ARE. Our government keeps letting this happen because they don’t want to hurt anyone’s feelings and just want to be politically correct. WHAT IS CORRECT OR TRUE ABOUT FALSIFYING RECORDS SO YOU CAN STEAL FROM OTHER FOLK. PLEASES SOMEONE HELP ME UNDERSTAND THE CORRECTNESS OF LYING, CHEATING, STEALING, AND OVERALL BEING A SCOUNDREL.
Isabella
The saddest reality for me with seeing the same situation when I too was working. It is how it can cause people to be divisive, resentful, and hateful! Im not that person! Yet, there lies a truth in this matter, and when we are at those bottom percentiles, its often too much to deal with!
Tony
Yeah those illegals get SS deducted from there checks every week like you and federal ncome tax withheld. They dont claim none of that cause there illegal as you say , where is all that money ? Get your facts straight and not just rant K like a chicken with no head ,are you going to work in the fields with 100 degrees weather at minimum wage? NO YOU WILL NOT SO PUT A CORK IN IT AND BE QUITE IGNORANT PROBABLY LAZY AS HECK LOSER GET A LIFE AND GET LAID ,LMFAO!!!!!
Mousielove
Something is better than nothing; true. However, in California our politicians have decided that our state alone must save the planet so our gasoline costs have remained high. Food costs are only now coming down a bit after more than doubling. We women have always earned a lesser percentage than men so when is that income equity adjustment coming? Eliminate the cap on paying in. Why should the very rich be capped at what they must put in to the SSA system? They can also dictate how it’s deducted – a big bonus? Split it up to reduce taxes and SSA payments. Why isn’t that illegal? Gee, about $4 a month more, you say? That can ALMOST pay for a gallon of milk. I would LOVE to see the decision-maker on this adjustment live on $1282 a month.
Gary O.
The fact that some politicians want to turn over the SS Fund to their privately owned entities in 2017 should be upsetting recipients who have paid into it all of their lives. These politicians view the SS Fund as something that should be “managed” by Wall Street with loss of money to Bonuses and owners of those Wall Street firms. Wall Street should be Taxed on every Transaction, say .05 per cent, since it is Income for the managers who don’t pay into Social Security. That rate would insure that those who did build this Nation with their Income Taxes and payments into their Social Security accounts will be cared for in their retirements.
Bill
Not nearly enough. The inflation that Seniors face is much higher than the general inflation rate because their buying habits are vary different from the general population. Health care is the big one, but not the only one.
Deb
Wow!!!! The less than $5.00 a month increase is being talked about…what about the INCREASE to Medicare premiums!!!!!