What will social security increase be in 2017

Peter DeFazio, D-Ore. More from Personal Finance: Social Security cost-of-living adjustment will be 1. Think twice before saving in this retirement account Forget the election. This is the top threat to the economy, survey finds. Subscribe to our newsletter. First Name. Last Name. Go to Top. 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 COLA at www. For changes in the national average wage index, go to www. February 28, PM. March 1, PM. The rise in inflation is the major driver for increases in Social Security payments. Food prices have also risen over the past year. In , food purchases, including groceries, increased 2. The cost of food away from home restaurants increased by 3. Since the first automatic increase, beneficiaries have received increases almost every year, but there have been three years , , and where recipients did not receive COLA adjustments at all.

In these years, the CPI-W did not increase, and in some instances, there could be a decrease in inflation. However, even if this happens, Social Security benefits are never decreased.

The SSA announced increases to the wage base, which is the maximum amount an employee pays in Social Security taxes. An employee pays 6. Check out more of her work at kemberley. Select Region. United States. United Kingdom. Kemberley Washington.