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Why Your 2017 Social Security Increase Probably Won’t Make It Into Your Monthly Check

November 14, 2016

From the Motley Fool website

social security card 3Social Security provides the majority of income for millions of American retirees, and most of those living on a fixed income rely on annual increases in their Social Security benefits to keep up with the rising costs of what they need.

Yet earlier this month, the Social Security Administration released final numbers that show that the cost-of-living adjustment for Social Security in 2017 will amount to just a 0.3% increase. As if that weren’t bad enough, most Social Security recipients won’t see any increase at all, because the Medicare premiums withheld from their monthly benefit checks will rise just enough to eat up the entire cost of living adjustment.

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