“Retirees receiving Social Security benefits will see their payments rise next year. But the increase will be tiny — about enough to splurge on an extra latte each month.
The Social Security Administration announced Tuesday that the tens of millions of people receiving retirement and supplemental benefits will see payments increase by 0.3 percent in 2017. For the average retiree, that will mean $3.92 more per month.
Retirees have grown used to seeing no or little-to-no pay increases over the past several decades as inflation has stayed low. 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. This year, for instance, benefits did not grow at all, the third time since 2010 that there was no cost-of-living adjustment.”