Showcase Listing

Embrey Mill® is an all-ages master-planned community located in Stafford, Virginia, just north of Fredericksburg, and offers a totally st...

Image
Showcase Listing

Life at Heritage Shores is full of amenities, activities and social opportunities. When you live here, each day can be as active or laid ...

Image
Showcase Listing

Everything you need to live life to its fullest is now in Peachtree City. With Kolter Homes’ award-winning active adult community, Cressw...

Image
Showcase Listing

Brookfield Residential at Two Rivers is a brand new community designed for those 55+, and offers an abundance of opportunities for a vibr...

Image
Showcase Listing

Wendell Falls is a new, all-ages community located just minutes from downtown Raleigh, North Carolina, and features an eclectic, walkable...

Image

Social Security Retirees to Get (Very) Modest COLA 2017 Increase

Category: Financial and taxes in retirement

October 18, 2016 — The Social Security Administration today announced a very modest Cost of Living Adjustment (COLA) for 2017 of 0.3%. There was no COLA in 2016, whereas the COLA in 2015 was 1.7%. The 2017 increase results in a whopping $4 a month based on the average SS retiree benefit of $1350.

The government measures changes in the cost of living through the Department of Labor’s Consumer Price Index (CPI-W). Since the CPI-W did rise this year, the law increases benefits to help offset that inflation. As a result, monthly Social Security and SSI benefits for over 65 million Americans will increase 0.3 percent in 2017.

Other changes will also 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.



Posted by Admin on October 18th, 2016

2 Comments »

  1. well thank you allison!

    by John James — October 19, 2016

  2. This is soooo helpful!! Thank-you so much!

    by Daniel Joseph — November 1, 2016

RSS feed for comments on this post. TrackBack URL

Leave a comment