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.
Did you find this Information helpful?
Tags: Cost of living adjustment, Medicare, SSI
See CommentsAbout the Author
Doug Walker, Deputy Commissioner, Communications
Deputy Commissioner, Office of Communications
Comments
Comments are closed.
Gerard J.
What a insult!!!!!! What the hell are we supposed to do with that crapola Raise!!!!Q
blanc_dragon
The Social Security Administration extends its middle finger to us once again.
Using outdated and inaccurate methods to determine COLA calculations is a scam, designed to keep as much as possible out of the hands of those who need it most.
Brenda C.
……and you stop being a know it all and pointing your finger at everyone else and telling everyone how ignorant they are. The person (Mr Sanchez) that let 25 years go by while his employer failed to deduct his portion of retirement is amazing…..YOU NEVER NOTICED?????
If we got back in social security benefits what was taken out of our paychecks and from our employers on our behalf we would all be a bit better off but we only get a percentage and that is not right. They should have to pay the difference back to us.
John
Wow, 0.3%. Be still my heart!!!! And the politicians in
D.C. are whining that they can’t get by on $174,000 a
year, plus expenses and freebees. They’re looking for a raise in the ballpark of around 10%. Don’t ya feel bad for ’em?????
Mike D.
Will there be a raise for people like me who get SSDI ?
Ray F.
Monthly Social Security benefits -including SSDI- benefits will increase 0.3 percent in 2017.
Susan
There is so much hate in this country, it’s sad. Disenfranchised, forgotten people who want to point the finger at anyone else for their problems. Social Security was never designed to be your sole source of income. That you never planned for retirement or educated yourself is what’s to blame, not the government. Social Security was planned as a supplemental source of income. Quit pointing fingers and look in the mirror. And, stop spewing the hatred. Vote but educate yourself before you do. Vote career politicians out of office and bring in some fresh views on who represents you. Quit voting party lines and study the candidates. Don’t believe everything you hear and stop the hatred.
blanc_dragon
Blame the victim, that’s your game Susan.
Of course I never “planned” on becoming disabled. Even after I did, I tried to find work I could do. I had already contributed to SS for over 25 years. It didn’t take long to use up all my savings on medical bills and just plain staying alive.
And your statement that SS was “never designed to be your sole source of income” along with the inference that we who became disabled in our prime earning years “never planned for retirement or educated yourself” is just another insult from the privileged. You need to read up on the history of SS.
It’s a social contract as well as an economic one. But I gather you don’t want to participate in the social contract if the other participants are not as rich as you are, nor as healthy.
ROBERT C.
WELL SAID
Deborah W.
Very well said…..
Tony
Im disabled and there is are plenty of resources to help you find employment opportunities, so disability isnt an excuse!!! Being lazy isnt either so stop blaming others for your lack of effort . Thats the problem people feel entitled newsflash your NOT!!! ONLY YOU CAN BETTER YOUR SITUATION, YOUR NOT A BABY THAT THEY HAVE TO RAB YOU BY THE HAND AND GIVE U EVERYTHING.
Irald M.
People have worked very hard in this Country and many have planned for retirement. Many have had their pensions reduced or eliminated, lost 402Ks, etc. The minimum wage has not kept up with inflation and families can’t make it and many people are working second jobs. Corporations state they cannot pay a decent wage, insurance or pension yet pay their executives millions of dollars and millions in bonuses and stock options. Seniors have it hard as they have more and more health issues and that puts a huge drain on what finances they do have. Insurance is going up higher and higher as well as medical costs. They say cost of living has not went up. Look at insurance costs, that small bag of potato chips that is reduced in size yet cost the same and well as other food items where size is reduced, price remains same so companies can say they aren’t increasing prices. Say what? Yes, lets vote. Let’s get in term limits, lets get out the career politicians but let’s not blame seniors. And let’s remove the cap on paying into Social Security.
sharon
most people who are elderly could not have saved enough for retirement during their entire working lives with the inflation rates that have occurred over the past 50 years and the market crashes that sucked what little they could save. Too bad we all didn’t have a crystal ball and a high paying job 50 years ago. I spent most of my life doing without many things and pinching to make ends meet while saving what I could for retirement. A lot of good that did.
flyday
I agree Sharon! Most folks don’t know what they are talking about when it comes to social security until they walk a mile in the worn out shoes someone else had to wear for 50 years. Sad but True.
Thomas T.
I knew in 1980 when I went out to seek another job at the age of 32 that I needed to get one that would provide me a pension. I chose one and worked there for 30 years, and now I am happy I did because I knew social security wasn’t going to be my only income in my Golden Years. I get $3,300 a month total it may not be much, but having a house and most bills paid off does help.
Manuel S.
There is no doubt that the Social Security System has not kept up with Inflation.
At my age of eligibility I was forced to continue working to bring my SS benefit up some.
At 70 years of age now I am and still working to help bring my SS Credits up so as to draw one more penny.
Then to top this off my employer failed to deduct my share towards my retirement for the past 25 years so now I stand to receive only a half of what would have been my full retirement SS benefit amount.
We vote our Politicians out of office, bring in new blood with the understanding and knowledge that even this will not fix the wagon. Some action is better than no action.
HW
I wonder how much of a raise the gov. workers got?
Bet its more than we get!
RICHARD Z.
very UNFORTUNATE THAT PEOPLE WHO ARE VOTING FOR THAT liar ” “Hillary Clinton” have no idea how many times they are being lied by CONGRESS and people who have no intention on educating voters today.
Let’s face it HILLARY CLINTON has shown herself to be unethical, unscrupulous, deceitful, stupid, corrupt, heartless and conniving, evil witch with no redeeming qualities.
VOTE FOR TRUMP TO MAKE THE COUNTRY GREAT AGAIN
G A.
Don’t worry when they give a meager raise… it goes to raise your medicare. You want even notice it! Even these blogs/posts are paid for at U.S. TAXPAYER EXPENSE.