Yes, you will receive more in Social Security Benefits in 2017. Sorry to say, though, it’s not much.
Because the cost of living increased in 2016, by law Social Security benefits must increase to help offset this inflation. Unfortunately the cost of living increase was modest which means beneficiaries will only see a slight increase in benefits in 2017.
According to a recent report on CNN, “Checks for 66 million beneficiaries will rise between 0.2% to 0.5% in 2017. That works out to between $2.61 and $6.53 a month more for the typical retiree, according to the American Institute for Economic Research, a nonpartisan think tank. This is by far the the smallest percentage increase of any year in which benefits did rise. But it’s better than 2016, when Social Security checks didn’t increase at all. There have only been three years without any increase at all since Social Security’s cost-of-living adjustment was put in place in 1975.”
Clearly, the time has passed when most Americans can depend on Social Security to cover their future living expenses in retirement. For that reason and more, it is important to plan far ahead for those days when a person is no longer able or willing to work full-time. Planning for your security against long term care costs is one segment of that plan and that is where the Stinson Law Firm can help. Call us for an appointment to discuss your own unique situation.
The goal at Stinson Law is to secure your present and future and leave you with the peace of mind you deserve. Contact us today.
Jeff is Certified as an Elder Law Attorney (CELA) by the National Elder Law Foundation, a distinction held by only a handful of lawyers in Indiana. For almost 20 years, he has focused on elder law, estate planning, long-term care planning, Medicaid planning, Veterans Affairs benefits planning, special needs planning, guardianships, and estate administration.