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
