Millions of Social Security beneficiaries and retirees are receiving only tiny increases in monthly benefits in 2017, the fifth year in a row that senior Americans will have to settle for low raises. The 0.3 percent increase is based on the federal government’s announcement of the cost-of-living adjustment, which affects around 70 million Americans.
There has been no increase in monthly benefits for the year 2016. The average monthly Social Security payment is around $1,238. However, more bad news is yet to come: Medicare Part B premiums are also expected to increase next year. Unfortunately, since they are deducted from Social Security payments, the increase from the COLA may be totally wiped out. Meanwhile, new enrollees and high-income retirees may face much higher Medicare premiums, which will be announced later this year.
Our clients in San Antonio and other areas in Texas highly recommend our legal services to their friends and family who want to file or appeal a Social Security disability claim. Speak with our attorneys at the Chris Mayo Law Firm by calling our offices today at (210) 899-5440.