New estimates have the Social Security increase from the cost-of-living-adjustment (COLA) being tiny in 2017.
According to the estimates, the Social Security increase will only be 0.2%. This comes after three years of the COLA not increasing at all. This would result in Social Security recipients only getting an extra $2 per $1000 received.
The actual Social Security increase from COLA won’t be announced until Fall. U.S. authorities are warning that Social Security will need reform if the service is going to continue. Current projections have trust fund reserves emptying in 2034, reports USA Today.
One possible plan from the GOP would have the retirement age for Social Security and Medicare increasing to 67. The plan would start in 2020 and could help trust fund reserves for the programs last longer.
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