Millions of people receiving Social Security benefits will be getting a very small increase – 0.3% – in their monthly benefits in 2017. This marks the fifth year in a row that older and disabled Americans will have to settle for historically low increases. The adjustment works out to an average increase of less than $4 a month for an average Social Security recipient.
More than 60 million retirees, disabled workers, and beneficiaries receive Social Security benefits. The cost-of-living adjustment also affects the more than 8 million people who get Supplemental Security Income, the disability program for individuals with lower incomes, and 4 million disabled veterans.
Read more about the cost-of-living adjustment increase by clicking here.