Chance for COLA Increase in 2017
Current projections show that a .2% increase in benefits is likely for Social Security in 2017; however, there is still a month before the official announcement. This would be an average increase of $2.70 considering the median monthly benefit is $1,341. Many advocacy groups agree that the current way COLA is calculated is not fair for the demographic that it affects. The increases in benefits are meant to be a buffer against inflation outpacing benefits; however, the demographic these calculations pull data from are not representative of the retirees that are affected by them. For more information on this subject, visit this article by Mary Beth Franklin with Investment News.