Social Security Benefits to Increase in 2017
On October 18, 2016, the Social Security Administration issued a Press Release advising that there will be a .3 percent cost-of-living-adjustment (COLA) increase for people currently receiving Social Security Benefits and Supplemental Security Income for 2017. The COLA was enacted by Congress in 1972 in order to set in place legislation to protect social security benefits and beneficiaries from inflation.
This is great news for more than 10.6 million beneficiaries, including dependents, who are currently receiving Social Security Disability Insurance (SSDI) and over 8 million beneficiaries receiving Supplemental Security Income (SSI). The COLA for those receiving SSDI will be effective January, 2017, and for SSI Beneficiaries the increase will take effect on December 30, 2016.
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