Social Security Administration announces large increase in 2017 wage base

by Ben Pena October 23, 2016, 1:16
Social Security Administration announces large increase in 2017 wage base

For the second year in a row, thousands of Lancaster County seniors are facing the possibility of steep Medicare Part B premium increases.

The Social Security Administration announced that cost-of-living adjustments for 2017 will only rise 0.3 percent - or about $5 on average to $1,360 a month. "Come on, if they're going to give us a raise, they have to give us a little more."For Carmen Ramos, a retired Reading laborer and tax collection employee, next year's increase won't keep up with her rising rent, which jumped more than 2 percent a month, from $586 to $600, beginning on October 1".

The was no Social Security cost of living adjustment announced in 2015 for 2016, meaning Social Security checks didn't increase.

Finally, it's important to note that even if the CPI-W decreases, Social Security can not have a negative COLA.

The average SSI recipient receives $540 per month, so the average SSI check will increase by a little more than $1.60.

Hollande, Merkel slam Russian Federation on Aleppo, leave sanctions open
Russia's military says a USA -led coalition airstrike on a Syrian village in the province of Aleppo has killed six civilians. It noted that Russian and Syrian warplanes weren't flying over the area Tuesday.

So next year's paltry 0.3% increase pales indeed.

There was no Social Security benefit increase this year, and next year's will be small because inflation is low, driven in part by cheaper fuel prices.

"When I go to the grocery store and I buy groceries, I don't get as much as I used to", said Lilac, a resident of Skyline View Apartments.

Consumer advocates have criticized the inflation measure in recent years, arguing it does not accurately reflect the expenses retirees face. The COLA also affects benefits for about 4 million disabled veterans, 2.5 million federal retirees and their survivors, and more than 8 million people who get Supplemental Security Income, the disability program for the poor.

Weade says options like 401-K or Roth IRA are retirement plans to consider. Because of this and the COLA, the maximum possible Social Security benefit at full retirement age is increasing from $2,639 to $2,687. About 12 million workers will pay more in taxes because of the change, the administration estimates.

Recommended News


TOP News

Ontario judge dismisses attempt to ban Indians' name, logo
She went on to say the use of the caricature and name is a violation of the Ontario Human Rights Code and the Human Rights Act. The challenge comes on the grounds the team name and logo are based on outdated and offensive stereotypes.

Galaxy Note 7 Owners Unhappy With Samsung's Handling Of Global Recall
The companies are discussing ways to supply batteries to Samsung's new smartphones starting next year, the report said . Even more worrisome is that the harm done to Samsung's reputation may be hard to erase for the foreseeable future.

Still knocking on Dylan's door; silence on Nobel is unnerving — VOX POPULI
Officials confirm that the invitation to receive the Nobel prize from King Carl XVI Gustaf of Sweden still stands for December 10. Bob Dylan finally gave a (lighting quick) nod to his Nobel Prize win yesterday by way of an update to a page on his website .

Charity wants Leonardo DiCaprio to step down from UN role
Last year, Low donated a Roy Lichtenstein sculpture to the foundation, which was auctioned at a fundraising Gala in St Tropez. DiCaprio is then alleged to have shoveled the funds directly into his charity, the Leonardo DiCaprio Foundation.

Slaven Bilic gives fitness update on West Ham United's Andre Ayew
Slaven Bilic has told West Ham United's official website that Andre Ayew is unlikely to be involved against Sunderland. It's not the speed we and he wanted, but hopefully soon he'll be ready to train with us.

Airbnb files suit against Schneiderman, de Blasio
NY state is one of the most lucrative markets for rental site Airbnb, with some 46,000 people offering lodging online. The company has been arguing that its service helps almost 50,000 New Yorkers " make ends meet ".

Held ballots say votes are informed, not rigged
Those voters may not discover until after the election that their ballots were returned - and then it will be too late. This is the first presidential election that Colorado voters are receiving mail ballots weeks before the big day.

PA to join lawsuit challenging Affordable Care Act funding formula
And almost 85 percent of people who purchase plans through the Obamacare marketplace received some help in the form of subsidies . Average enrollment over the course of 2017 will be about 11.4 million people, up from 10.5 million in 2016, the US said.

Jack Reacher's return is enjoyable but forgettable
Though they had so little time to re-enact so many of Tom Cruise's movies, they were able to deliver it with such poise and awe. They went through three decades worth of famous action films that made breakthrough in cinemas.

Mobile Review: A Closer Look at Google Pixel
Like, for example, with the Google Assistant, you can customize as to where and from whom you want to get news from. The Google Pixel is the first ever Smartphone where Google made its hardware and software and everything about it.