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Tuesday, October 18, 2016

Social Security 2017 Cost-Of-Living Adjustment Will Increase 0.3 Percent

For 2017 Social Security Checks for 66 million beneficiaries will rise 0.3 Percent, or equal to a increase of $3.00 on $1000.00 of benefits . This is the smallest percentage increase of any year in which benefits did rise. Since 1975, Social Security's general benefit increases have been based on increases in the cost of living, as measured by the 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.

There have only been three years without any increase at all since Social Security's cost-of-living adjustment (cola) was put in place in 1975 -- 2010, 2011 and 2016. was put in place in 1975 -- 2010, 2011 and 2016. The average monthly Social Security check is $1,238.00.

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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