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Social Security Benefit Changes in 2017

Photo: depositphotos.com

Photo: depositphotos.com

Social security payments will increase by 0,3% next year, the Social Security Administration said. This decision came because of the rise in the consumer price index.

The administration said it would increase profits from $ 118 500 to $ 127 200, starting in January 2017.

The statement was made a month after the Board of Trustees predicted that adjustments for the 2017 year would range from 0% to 0,7%.

The average monthly social security benefit in January 2017 will now be $ 1360, compared to $ 1355 before the increase, according to the government.

The news of a slight increase in social security revenues did not come as a surprise to the financial market.

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