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Social Security checks get measly $3.92 bump in 2017
CNN.com ^ | 10/19/2016 | Chris Isidore

Posted on 10/19/2016 11:09:59 AM PDT by MaxistheBest

The typical retiree's monthly Social Security check will get only $3.92 bigger next year.

That amounts to an increase of just 0.3% -- the smallest ever put in place to help cover higher prices.

That's still an improvement from this year, when the lack of inflation kept benefits from increasing at all. The average retiree's monthly benefit is currently $1,305.30.

"Over the last five years, Social Security COLA's have remained small or nonexistent," said AARP. "Every cent can matter to beneficiaries and their families. After last year's zero COLA, this year's announcement doesn't offer much help to the millions of families who depend on their Social Security benefits."

Retirees also spend a bigger proportion of their money on health care, for which prices have risen faster than overall inflation.

"As prescription prices skyrocket and Medicare premiums and other health costs increase, many older Americans have understandable concerns," said AARP.

At the same time, retirees are hurt by low interest rates because many depend on savings to cover at least part of their living expenses.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Government; Politics/Elections
KEYWORDS: aarp; cola; election; medicare; prescriptions; seniors; socialsecurity; trump
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To: editor-surveyor

It is wrong but it is not illegal so it is not a crime. What about SS do you think is massive crime?

Do you believe SS is simply a mismanaged program? Because in terms of its intended purpose it is doing quite well.


121 posted on 10/22/2016 4:15:41 PM PDT by FreedomNotSafety
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To: justlurking

A segment of the previous generation also received company-sponsored retirement plans (in addition to SS) that pay until death, a benefit that is virtually extinct for the boomer generation. This would also skew the overall chart in favor of previous generations getting the better deal after retirement.


122 posted on 10/23/2016 9:23:04 AM PDT by CivilWarBrewing (Females DESTROYED America.)
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To: MaxistheBest

These ‘inflation’ gurus that constantly state no inflation, they cost the same, prices are stable obviously never shop in a store. Prices are the same, BUT what was a 16oz item now weighs in at 12 or 13 oz. Paper products have less and less. TP is skinnier, paper towels used to have 110-120 sheets now have 90. BUT, price is the same so no inflation. You just have to buy it twice as often.


123 posted on 10/23/2016 1:34:22 PM PDT by redcatcherb412
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