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The average recipient of Social Security will receive a slight increase in benefits in 2017, according to projections released Wednesday.
Trustees who oversee the nation's entitlement programs said in two new reports that they expect Social Security's cost-of-living-adjustment (COLA) increase to be 0.2% next year, based on "intermediate assumptions." The trustees also projected that Medicare's Hospital Insurance trust fund will run out of money earlier than previously predicted.
The small increase in Social Security next year — which equals an extra $2 for someone getting a $1,000 monthly check — would come after retirees got no increase in Social Security benefits in 2016 for the third time in four decades.The final COLA figure is typically not determined until the fall.
The estimated average monthly premium for Medicare Part B in 2017 is $149, up from 2016's rate of $121.80 and 2015's rate of $104.90. About 70% of Part B enrollees will be able to avoid the portion of the premium increase that exceeds their Social Security benefit increase, according to the health-insurance report.
Social Security recipients to get small increase
Trustees who oversee the nation's entitlement programs said in two new reports that they expect Social Security's cost-of-living-adjustment (COLA) increase to be 0.2% next year, based on "intermediate assumptions." The trustees also projected that Medicare's Hospital Insurance trust fund will run out of money earlier than previously predicted.
The small increase in Social Security next year — which equals an extra $2 for someone getting a $1,000 monthly check — would come after retirees got no increase in Social Security benefits in 2016 for the third time in four decades.The final COLA figure is typically not determined until the fall.
The estimated average monthly premium for Medicare Part B in 2017 is $149, up from 2016's rate of $121.80 and 2015's rate of $104.90. About 70% of Part B enrollees will be able to avoid the portion of the premium increase that exceeds their Social Security benefit increase, according to the health-insurance report.
Social Security recipients to get small increase
