Social Security Report Predicts a 0.2% COLA in 2017

By on June 22, 2016 in Current Events with 61 Comments

The annual report from the Social Security Board of Trustees released today says that federal retirees and Social Security beneficiaries may see a 0.2% cost of living adjustment (COLA) next year.

Despite the projected low cost of living increase, beneficiaries would fare better than they did last year when there was no increase.

The official COLA for retirees won’t be determined until the fall. For more information on the COLA, see Will There Be a COLA Increase in 2017 for Federal Retirees?.

Some other highlights from the report include:

  • Social Security’s trust funds will be depleted in 2034
  • Medicare is forecast to go bankrupt in 12 years
  • Medicare’s trust fund for inpatient care will be exhausted in 2028
  • Social Security’s disability insurance program will see its reserve fund exhausted in 2023

© 2016 Ian Smith. All rights reserved. This article may not be reproduced without express written consent from Ian Smith.

Tags:

About the Author

Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce. Ian also has a background in web development and does the technical work for the FedSmith.com web site and its sibling sites.

Top