Seniors who are Expecting Social Security Benefits to Increase in 2017; Don’t Hope for Too Much
For millions of Americans Social Security benefits mean a lot. According to dada, till April 2016, there are 60 million or more recipients who get monthly Social Security benefits. Among them, about 40.5 million are retired workers of whom; nine out of ten rely on Social Security to help them meet monthly expenses. Almost sixty percent count on Social Security benefits to make up the key portion of their monthly income.
It is important for Social Security to thrive in the long term for the retirees of today as well as tomorrow. Millions of baby boomers will soon leave the labor force and if they expect the Social Security to meet their financial needs after they retire, it's important that Social Security survives.
It is expected that Social Security benefit will rise in 2017, but it's not going to make any big surprising addition to the income of the seniors with just a 0.2 percent increase in benefits.
Taking into consideration that an average retired worker was paid monthly $1,346.72 via Social Security, it's expected to be an increase of $2.69 per month. May be one would not even notice that change enough to buy just about a gallon of gasoline or may be a cheaper priced drink at a neighboring coffee shop.