Social Security in 2017

On Tuesday October 18th the Social Security Administration came out with the Social Security cost fo living adjustment (COLA) in 2017.  

Next year's social security "raise" will be 0.3%.   This tiny amount after no adjustment for the current year.  

See the Social Security Administration's 2017 Facts Sheet here: 

   SOCIAL SECURITY 2017 FACTS SHEET

If you have your Medicare part B premium deducted from your Social Security benefit, even with a little increase I suspect you won't see any more dollars being deposited to your bank account each month. This is because it seems likely that an increase in Medicare part B premium for 2017 will consume the entire COLA.

This Social Security COLA, or lack there of, will need to be incorporated into your financial plan for next year. 

 

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