2017 Social Security Cost of Living Adjustment

We are already getting questions on what the 2017 Cost of Living Adjustment (also known as COLA Increase) will be for Social Security beneficiaries receiving Disability and Retirement benefits. Even though it is currently way to early to tell, I thought I would share some of the numbers for you.  

2017 Final Social Security COLA Numbers at Bottom of Article

Social Security adjustments for Cost of Living are based off from the CPI-W, also known as the Consumer Price Index for Urban Wage Earners and Clerical Workers.  These are monthly numbers issued by the Bureau of Labor Statistics however only the numbers for July, August and September are used for each year.

The CPI-W for the third quarter (July, August and September) is averaged for the current year, and the year before.  If the number is higher the percentage of increase is the Cost of Living Adjustment.  If the number is lower like it was last year, there is no COLA Increase.

April Update on 2017 COLA Increase

cpi w 2015 vs 2016
The CPI-W for 2015 vs 2016 so far.

So far this year, the CPI-W is trending higher than what it was last year at this time for all four months that have been reported.  May numbers will be reported later this month.  While the exact amount of the Cost of Living Adjustment will not be known until after September it is looking exceedingly likely that there will be a Cost of Living Adjustment for people on Social Security Disability and Retirement in 2017.

 

June Update on 2017 Social Security COLA Increase

Numbers continue to be positive when looking at the Social Security Cost of Living Adjustment for 2017.  I’ve now added numbers to the chart below comparing the Consumer Price Index (CPI-W) from last year to this year.  As the CPI-W continues to trend upwards compared to last year, we should be expecting a COLA Increase, however it will likely be a small one.

2017 Social Security Cost of Living Adjustment

July 2017 Social Security COLA Increase Updte

The numbers for July 2016 CPI-W are out and as we stated before the CPI-W is the number that is used to determine the Social Security Cost of Living Adjustment, also referred to as the COLA Increase.

2017 Social Security COLA Increase
The CPI-W used for the 2017 Social Security COLA Increase (Cost of Living Adjustment)

The CPI-W for this year (red) continues to trend upwards compared to last year (blue), however the margins are now closer which is not a good sign as July, August and September are the only months that count for a COLA Increase.  If the margin continues to narrow we should only expect a narrow COLA Increase.  The month of July is only 1 percent higher than last years CPI-W which means those receiving $733 for SSI would only expect $7 more a month if the numbers for July continue for August and September, however it is still way to early to know for sure and the situation can get worse or better during the months of August or September.

Final COLA Increase Number for 2017

Screw the graphs… I’m not going to even bother.  The final cola increase number for social security recipients in 2017 will be .3 percent.  For the average person who lives on social security that will amount of between $3 and $4 a month.  That is before the expected Medicare Premium hike which will reduce the actual income on many that are on Social Security.

15 Replies to “2017 Social Security Cost of Living Adjustment”

  1. I sure hope so. I live in Ohio 3 failed spine surgeries left me living in low income housing still pay 300 a month & just make it

  2. I know your pain Jennifer! I’ve had 4 back surgeries since 2007, and the very first one was a spinal fusion surgery of L-5 to S-1 and my hack of a Neurosurgeon cut a nerve during the surgery which left me totally disabled! I was in a wheel chair for 4 years until God’s grace lifted me out of it. I contracted RSD or CRPS as a result of the cut nerve and it’s the most painful nerve disease on the McGill Pain Index Scale. I’m in pain 24/7 and if it wasn’t for my Pain Management Doctor I do not know what I would do? I make a little more than $1,300 dollars a month and I live paycheck to paycheck just getting by. We all need cost of living adjustments on a much larger scale, like about an additional $1000.00 dollars a month. Finally I can’t wait until medical marijuana is legal to use in September, 2016 because it will give us an alternative to the addicting pain pills we must use for pain control. Good luck and God Bless!

  3. Costs of all have rised: Housing, Property taxes , medical care, dental care, good produce & steak in Minnesota, and taking a vacation.
    So what if the government can keep the price of eggs, milk, and gas down. It is only a small proportion of one’s expenses.

  4. I felt upper middle class in 98 when all this occurred to me but now I am holding on by my fingernails to lower middle class..OBAMACARE cost me 500 a year in medical deducible increases and premium increases…Thanks Hussein….

  5. @Nonya – I actually agree that Obamacare has caused some substantial problems in the public health system.

  6. Hi I’m Jimmy I’m on SSI I only get659 a month sorry to say people get 733its hard very hard to live on this amount and being sick and in pain thank God for food banks at least some one cares for the elderly and disabled god bless all

  7. I currently pay 1.7 x the medicare premium because I had a much better health plan than medicare for those 7 years. In fact I had no gap in paying for BC/BS Preferred PPO since 1989. I tried an appeal to medicare and they simply cut off my medicare, so I had to appeal to get it back. I was and continue to be punished for being single and paying high insurance premiums for BC/BS preferred out of pocket, which meant I was not taking money away from medicare, and I was receiving excellent medical care so I was not going to be a burden based upon increasing untreated health problems. I have not had any gap in my coverage with BC/BS since 1989, although it was during the time of long term disability and then forced retirement. I am disqualified This is simply wrong.
    In addition, over 30 states allow medigap plans for disabled folks under 65, however, Arizona does not, so I can’t lower my healthcare costs. This should be a federal law taken out of the control of the individual states. Again, disabled folks under 65 are paying huge sums of money for healthcare plans other than Medicare, but they can only see physicians who take Medicare as it is considered primary insurance. Again, if I pay for a PPO, I should get to choose my doctors, and get a Medicare denial letter so my insurance becomes primary in those cases. I feel very angry right now.
    The estimated raise in social security disability for 2017 is .3%, which is nothing. Please see that it is not 3%, but .3%. Why is the government using an outdated, unrealistic statistic to make these decisions. I hope my money will last until I turn 65 in 7 years. Thank you for listening.

  8. How come all the prices remain the same but the amount received decreases each year? I ask this question would you pay for a gallon of gasoline and only get 3/4 of a gallon?
    I think the people who the increase ought to shop to see how the amount of product you receive is less. I remember years ago you were able to buy a 5lb. bag of sugar, now you pay the same price and get 4lbs. I am not a college educated person but to me the price of sugar increased but not the cost of living but I did not pay more, I ONLY GOT LESS.

  9. Sirs I think there needs to be clear ups .when a person needs insurance is only when the person is at fault. But the person is not always at fault. Things resolve or cleat in bad areas and understanding tells us we are not totally or perhaps never were at fault. So the amount that was held from the peoples pay. Some held half some three quarters of a child’s wages. But we mostly kept working through doing legal work to show we are not the biggest problem. The others must take responsibility and clear there’s also. I am Assyrian and proud people are always going to see the problems through. We must have representatives attorneys or such who do this with us. Step by step. We should be clear of the little damages that we could cause ourselves. Now how about the reinstatements for the wages held while we waited sir. That would give almost from half to two thirds more to people who passed a big loyalty test. Let’s see the loyalty come bouncing back to us like a happy puppy! Please!

  10. 2015 had zero increase. 2016 Soc Sec gave me $5.00 month increase. So, divide 5.00 by 24 months equals 22 cents a month increase. Now, who in the government can explain this 22 cents a month benefit & what will I be able to buy with this? Also, how much have welfare receipients received in increased benefits for se years?

  11. I don’t make barley enough to survive on and have very painful back condition that has sidelined me from gainful employment and want to know how much would a part-tme job affect my benefits, please send an answer.

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