Social Security checks get measly $3.92 bump in 2017

Skip to comments.Social Security checks get measly $3.92 bump in ^ | 10/19/2016 | Chris IsidorePosted on 10/19/2016, 2:09:59 PM by MaxistheBestThe typical retiree’s monthly Social Security check will get only $3.92 bigger next year.That amounts to an increase of just 0.3% — the smallest ever put in place to help cover higher prices.That’s still an improvement from this year, when the lack of inflation kept benefits from increasing at all. The average retiree’s monthly benefit is currently $1,305.30.”Over the last five years, Social Security COLA’s have remained small or nonexistent,” said AARP. “Every cent can matter to beneficiaries and their families. After last year’s zero COLA, this year’s announcement doesn’t offer much help to the millions of families who depend on their Social Security benefits.

“Retirees also spend a bigger proportion of their money on health care, for which prices have risen faster than overall inflation.”As prescription prices skyrocket and Medicare premiums and other health costs increase, many older Americans have understandable concerns,” said AARP.At the same time, retirees are hurt by low interest rates because many depend on savings to cover at least part of their living expenses.(Excerpt) Read more at …

Source: Social Security checks get measly $3.92 bump in 2017

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