As you know, I wrote earlier this month about the changes coming to Social Security next year. And if you missed it… well, let’s just say the news wasn’t that great.
After writing about these changes, I expected to see a lot of follow-up questions, and was I ever right. That’s because Social Security plays such an enormous role in the retirements of so many Americans.
In fact, there are 40 million Americans receiving Social Security benefits every month, and over 60% of retirees depend on Social Security for half or more of their incomes.
So, when the Social Security Administration announced the changes for 2017, there were a lot of people who weren’t very happy with the news.
What has retirees so upset? Well, let’s start with the big one first…
The cost of living allowance (COLA) will increase by a mere 0.3% next year. For most Social Security recipients, that means an extra $5 in monthly benefits – not exactly what people were hoping for, and certainly not enough to make any kind of a real difference.
And others won’t see the increase at all. More likely than not, these people will see their benefits plummet next year. This is because of a special rule related to Medicare premium increases, and this rule is expected to impact millions of Social Security recipients.
Now, there are plenty of other changes coming, too. Some of them positive, some of them not so much.
I’ll say this… If you join me for only one podcast, this should definitely be the one. We’ll be discussing the changes coming to your Social Security in 2017, and we’ll break each point down into details that are easy to understand.