Social Security Administration announces large increase in 2017 wage base

Social Security Administration announces large increase in 2017 wage base

They are asking Congress to prevent Medicare premium increases through means similar to those taken a year ago in a similar situation regarding the federal budget deal. But the increase will be tiny - about enough to splurge on an extra latte each month.

Americans who receive social security heard news this week that there will be a meager increase in their monthly checks for 2017. For the average retiree, that will lead to an extra $3.92 per month. The cost-of-living adjustments, which are linked to the consumer price index, have been especially low in recent years because of low gas prices. A $581 increase could cover nearly three months of groceries for seniors or a year's worth of out-of-pocket costs on critical prescription drugs for the average Medicare beneficiary. Clinton went on to claim that his plan for huge tax cuts for corporations and individuals would add $20 trillion to the national debt, which would hamstring his ability to bolster Social Security and Medicare finances. This is because the method used to calculate the annual adjustment for inflation each year is, to borrow a phrase popular with Donald Trump, "rigged". The two years before that, it increased 1.6% and 1.5%. The Social Security Administration announced Tuesday the COLA for 2017. Learn which lawmakers spoke out against Social Security and which favor privatizing it by investing the trust fund in the stock market, a risky bet for sure.

September's Consumer Price Index (CPI), which is a factor in measuring monthly inflation, was 0.3 percent.

He also noted that the healthcare reform law is "probably going to die of its own weight", arguing that premiums are going up 60, 70, 80 and as much as 100 percent next year. The maximum income subject to Social Security taxes is increasing to $127,200 in 2017, up from $118,500 this year.

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