The Cost of Living adjustment for Social Security income has been announced. It is a 0.3% increase beginning in January 2017.
“Cathy Weatherford, president and CEO of the Insured Retirement Institute, noted that 2017 will mark the seventh time in the last eight years that the COLA adjustment has been below 2 percent. There was no adjustment for three of those years.
“’Unfortunately, for the average retiree this increase will only amount to a few dollars,’ said Weatherford in a statement. ‘We know from our annual study on the Baby Boomer generation that six in 10 boomers are expecting Social Security to be a major source of income in retirement. Given what we know, it will be imperative for boomers and subsequent generations to develop plans now to ensure they have sufficient savings to supplement Social Security benefits to meet their needs in retirement.'”
Source: Benefits Pro