Did you know that by the year 2030, over 72 million Americans will be in retired years, and that most, if not all of will expect a Social Security benefit check. However, according to the latest estimates by the Social Security Security Administration by 2034 the U.S. government will not be able to afford to pay 100% of each benefit. They will only be able to pay 79% of the promised benefits.
With that in mind, today the Social Security cost of living adjustment (COLA) for 2017 was announced and the typical retiree’s monthly Social Security check will only get $3.92 bigger next year. This amounts to an increase of just 0.3% — the smallest ever put in place to help cover higher prices. There was no increase this year. The average retiree’s monthly benefit is currently $1,305.30. Currently, Social Security benefits go to about 6 million Americans, including retirees, widows, orphans and people with disabilities. The annual cost of living adjustment (COLA) was put in place in 1975.
Want a better understanding of the dire straights retirees are facing? Watch below.
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