Economy
Related: About this forumU.S. social security benefits to rise 0.3 percent in 2017
Source: Reuters
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]
Read more: http://www.reuters.com/article/us-usa-economy-benefits-idUSKCN12I1SV
pscot
(21,024 posts)I'm off to Mickey Ds for a happy meal.
MattP
(3,304 posts)pinqy
(596 posts)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
(37,457 posts)that with this .03, I tell you I will be living large.....
madamesilverspurs
(15,813 posts)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
(2,967 posts)Are they sure they can afford this enormous increase?
heaven05
(18,124 posts)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.