Economy

Eugene

(61,964 posts) Tue Oct 18, 2016, 11:43 AM Oct 2016

U.S. social security benefits to rise 0.3 percent in 2017

Source: Reuters

U.S. | Tue Oct 18, 2016 | 10:40am EDT

U.S. social security benefits to rise 0.3 percent in 2017

U.S. retirees will receive a 0.3 percent increase in their Social Security checks in 2017, the Social Security Administration said on Tuesday.

The cost-of-living adjustment, also known as COLA, is tied to inflation moves. There was no increase for 2015-2016 due to the dampening effects on inflation from falling oil prices.

The rate is determined by averaging together third-quarter inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

The average annual raise since the United States exited recession in 2009 has been 1.2 percent.

[font size=1]-snip-[/font]

7 replies

= new reply since forum marked as read

Highlight:

U.S. social security benefits to rise 0.3 percent in 2017 (Original Post) Eugene Oct 2016 OP

Whoa...an extra $6 pscot Oct 2016 #1

They don't include drug prices in the cost of living, it is life or death!!! MattP Oct 2016 #2

They certainly do include drugs. pinqy Oct 2016 #7

I got a whole 1.0% with my pension.....$15.00 Historic NY Oct 2016 #3

Wow, that $2 increase will no doubt throw me into a higher bracket. madamesilverspurs Oct 2016 #4

wow! stage left Oct 2016 #5

while gasoline has stayed reasonable heaven05 Oct 2016 #6

pscot

(21,024 posts)

1. Whoa...an extra $6

Reply to Eugene (Original post)

Tue Oct 18, 2016, 11:53 AM

Oct 2016

I'm off to Mickey Ds for a happy meal.

MattP

(3,304 posts)

2. They don't include drug prices in the cost of living, it is life or death!!!

Reply to Eugene (Original post)

Tue Oct 18, 2016, 12:03 PM

Oct 2016

pinqy

(596 posts)

7. They certainly do include drugs.

Reply to MattP (Reply #2)

Wed Oct 19, 2016, 08:10 AM

Oct 2016

The Social Security COLA is based on the change of the 3rd quarter average of the all-items CPI-W. Since the change from 2014-2015 was negative, resulting in no COLA for 2016, the2017 COLA is based on the 3rd quarter change from 2014-2016, which is +0.3%

For prescription drugs, the change was +10.3% and it is weighted in to the all-items index.
CPI-W prescription drugs

Historic NY

(37,453 posts)

3. I got a whole 1.0% with my pension.....$15.00

Reply to Eugene (Original post)

Tue Oct 18, 2016, 12:09 PM

Oct 2016

that with this .03, I tell you I will be living large.....

madamesilverspurs

(15,809 posts)

4. Wow, that $2 increase will no doubt throw me into a higher bracket.

Reply to Eugene (Original post)

Tue Oct 18, 2016, 12:49 PM

Oct 2016

At least, that's how the county will see it; they'll use it as an excuse to cut SNAP benefits by twice that amount. That's just how it's always worked.

Don't mean to sound ungrateful, but really, what's the point?

.

stage left

(2,966 posts)

5. wow!

Reply to Eugene (Original post)

Tue Oct 18, 2016, 01:14 PM

Oct 2016

Are they sure they can afford this enormous increase?

heaven05

(18,124 posts)

6. while gasoline has stayed reasonable

Reply to Eugene (Original post)

Tue Oct 18, 2016, 02:20 PM

Oct 2016

it seems to me there has been a rise, steady, in the cost of other staples, like food. And god forbid you might want non-GMO and antibiotic free milk, meat and eggs. For the elite only. Because they can afford it.

Reply to this discussion