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Slim Chance for Benefit Increase in 2017
As of right now we are on track to receive no benefit increases for Social Security next year. The most recent reports show that there is a projection for a 0.7% to 0% increase. This is because of the way that the COLA is calculated. The COLA system is meant to keep Social Security in line with inflation, however it has historically not been able to keep up. The current calculations also do not take in to account the average life style of seniors. Seniors spend a greater portion of their income in areas that experience different levels of growth, therefore even if inflation does shows little or no change, seniors could still on average be paying out more money due to increases in areas such as health care. For more information visit this article by Charles Elmore with My Palm Beach Post.