It’s surprising that even though this year’s presidential candidates are over 65 — making them the oldest major party nominees in our nation’s history — we haven’t heard more about Social Security in the debates.  
Americans, like my own 74-year-old mother, are wondering exactly what Donald Trump and Hillary Clinton's plans are. In the meantime, they're anxiously awaiting word on the Social Security Cost of Living Adjustment for 2017, which could come as soon as Tuesday. Early projections peg it at 0.2%, among the smallest increases in the program's history.
“Last year, we didn’t have an increase,” she told me recently. It was only the third time since COLA's inception in 1975 that has happened. “But it’s important every year because things like my rent go up, no matter what.”
The adjustment — based on a formula tied to the consumer price index — is designed to help benefit checks for retirees, widows and the disabled keep pace with the rising costs of goods and services. The Social Security Trustees report in June projected the 0.2% increase for 2017, but there's a chance it might be more than double that. Based on updated calculations that take the July and August CPI-W figures  into consideration, it may be about 0.5%. 
“People feel a bigger COLA is better, obviously,” said David Certner, legislative policy director for AARP. “But if you’re getting a bigger COLA and prices are rising faster, you’re not necessarily better off.”
Impact on retirees, women & workers
Millions of Americans — from retirees to those working full-time — will be affected by the likely adjustment. Here’s how:
Social Security & Disability benefit checks. Those people counting on their Social Security checks are likely to see them rise by just a few dollars per month — $3 if there's a 0.2% increase and $7 at 0.5% — for retired workers getting an average benefit of $1,341.
Working retirees. Also likely to be affected are those working to generate income while receiving Social Security benefits. Those who are working but haven't yet reached their full retirement age (currently 66) can still receive full Social Security benefits so long as their income does not exceed $15,720.  But that cap would also increase with any Social Security adjustment, enabling retirees to earn more before they see a reduction in their benefits.
Payroll taxes paid by employees. Any adjustment will also affect the millions of working Americans who contribute to Social Security through payroll deductions. That’s now 6.2% on earnings up to $118,500 for 2016, but a higher COLA could raise this income cap.
Women bearing the brunt
Because they represent 57% of all Social Security beneficiaries 62 and older, women are likely to take the brunt of only a small increase.
“Women tend to have lower Social Security benefits and are less likely to have pensions or other sources of income,” Certner said. “So, for them, the COLA is a lot more important.”
Cindy Hounsell, president of Women’s Institute for a Secure Retirement, points out that too many women are taking benefits early out of necessity but that any increase is better than nothing.
“Women often don’t have choices,” Hounsell said. “They have these shocks, like divorce, widowhood and loss of a job. So the minute they turn 62, they jump on it. But by the time they’re in their 70s or 80s, they’re really hurting to pay for medications. Obviously anything helps, but it won’t be enough for the majority who don’t have enough to begin with.” 
Seniors losing buying power
Retirees have different spending patterns than the population as a whole. Health care costs have risen two to three times the rate of inflation and impact seniors disproportionally.  
The Senior Citizens League, a non-partisan advocacy group, estimates that seniors have lost 23% of their buying power since 2000. They recommend a COLA formula based on what seniors actually spend their money on. That would more than triple the increase expected for 2017. The effort to change how the COLA is calculated isn't gaining much headway, though. Three bills were introduced in 2015 and are sitting in committee.
Without some help, more aging Americans, like my mother, are being caught between their fixed incomes and rising costs for housing and medications.
“Even a small Social Security boost would help,” she said. “That seems only fair. I worked my whole life paying into the system.”
While neither presidential candidate, win or lose, will have to worry about paying their rent, we hope once in office they’ll think about those retirees who do.
3 steps to make the most of Social Security:
Review your Social Security statement.
Use the Social Security Retirement Estimator to estimate your benefit check in the future.
Consider delaying your benefits until full retirement age (FRA). This is age 67 for those born in 1960 or after. At this time you’re entitled to full benefits. And if you wait until up to age 70, your benefit will continue to grow – 8% per year  for each full year (prorated for months).

How am I going to be able to spend all of that money before the next payment arrives.

Dog food at Dollar General is cheap. Taste great with a bottle of Tabasco and some onion.

I don't know but it is going to put you in a lot higher Tax Bracket

Those brain buckets at S S keep saying delay your retirement crap. Take it at 62 you don't loose anything till you get to be 77 then it is a small amount. might not live that long take it as soon as possible SCREW EM!!!!!!!!!!!!!!!!!!

screw the feds......took mine at 62.......

paid into it for nearly 45 yrs.....

Ditto...

Amen. I get in heated arguments with people that say you should wait till you are 67 to take SS. That is the plan. 5 years is a lot dead seniors with no benefits.
It is part of the calculus and your demise is something they can wager on.

more what they are hoping for.

Old white people are being replaced by influxes of illegals needing the social safety net; its not that they arent a priority, it that they are pretty much shored up through the same "Republicans want grandma to starve" mantra.

Yep, and none of the so-called experts mention that a dollar will be worth less in 5 years or the time value of money.

Thats what I did. Now to hear of this raise really lifts my spirits. I'll be in tall cotton next year!

Precisely why I never figured SS into my retirement.

There are several members here who seem to always "pooh pooh" posts about investing and the stock market as a complete waste of time. For those of us who have taken the time to learn how to use the market to plan for our financial needs when we retire or can no longer work, we consider social security as just a portion of our entire plan. As I mentioned in another thread about annuities (which also received it's share of "pooh poohs,") one of the basics of retirement planning is having enough "secure lifetime income" to cover the bare necessities of life such as food, clothing, and shelter/utilities. Social Security is one source of secure lifetime income, that may or may not cover the bare necessities. Shortfalls need to be covered by other sources of secure lifetime income, such as annuities. Stock Market portfolios are not considered secure, hence one should not count on them for secure lifetime income necessities. For those of us who did not do an adequate job of financial planning, and we find ourselves with only Social Security in retirement, then we are going to be dependent on others (family, church, local charities, a job as a Wal-Mart greeter, or AMWAY, etc) to make up any shortfalls. We can't legitimately "blame" the feds for not providing all of our required "secure lifetime income" now, can we?

my wife was commenting on this indirectly just yesterday. minimal or no s.s. increase, but can't say the same about the cost of medicare/supplement premiums. They go up yearly much more than social security.

I certainly do not feel safe with the overvalued assets in my 401k and IRA account

I assumed it would be bankrupt before I received any of MY money that I and my employer put away for MY retirement. Well, so far its still alive. I am taking mine at age 66, starting next February.
I believe it will become "means" tested eventually and productive working and saving citizens will be told, "you really don't need your SS, so we are giving it to someone who needs it."

You can whine about the supposed shortfalls of Social Security or you can take responsibility for your own financial well being. SS was never meant to cover all your needs in retirement - it is only a buffer.

Start preparing for retirement early. Own your home, eliminate debt and save like you mean it.

Are you sure you're up for that kind of fiscal responsibility?

I'm not sure I am but I'll do my best....

Thanks Uncle Sam...now all my kids will be able to attend college...

If the Government doesn't want to pay you back then they shouldn't forcibly take it from your pay. SS isn't Welfare unless you haven't paid into the system over many years.

If it's around, SS will be used to pay a few hunts a year, at best. Who knows what the world will be like 30 years.

I plan on having a diversified portfolio that includes cash, stocks/bonds, land, several businesses, boat/commercial fishing permits, a rental or two, and being completely debt free.

Making good progress towards those goals.

some of it already is "means tested" so to speak.
the premium for part A of medicare isn't the same for everyone.
below certain income levels, it cost you nothing.
above certain income levels, you can pay two or three times the average.

retired 5 years ago and never planned on getting a dime from SS.

But I will be 62 in a couple months. A couple weeks from now I'm gonna stroll my old bony azz in the SS office and sign up. NEW GUN MONEY! (don't tell hitlery that!)

No i can't blame them for everything, but i can blame them for screwing me on a regular basis. when i did the numbers on social security my crossover date was around age 72, where delaying vs. early payment would cross over. I also continued to work and still do while getting the check. I was real happy when i turned 66 so they can't take back any of the social security regardless of what i make. I don't rely on social either, given i have been in the markets since the 70's. I just hope i live long enough to get back all that i paid in.

They can't talk about it because there's no good news. Gary Johnson has offered an earnest assessment of what has to happen, but no one likes hearing it.

Why do people have such a hard time admitting the government is robbing them under the guise of social security taxes?

The only way to handle these ongoing problems with government theft is to end the taxation. Social security was never a good idea. It will never work. Putting 10% of in an index fund on the other hand...Shoot if nothing else, most people can just take their income tax refund and put it in a Roth IRA. Income tax refunds are not taxed. You'll get it back un-taxed when you retire. That's 10% or better of gross income for a lot of people.

If I understand it correctly, the reason for decreasingly smaller C.O.L.A, figures over recent years is because of changes made to goods and services the government uses to adjust the annual C.P.I. to allow for changes in inflation.

Some believe the methods, goods, and services govt. uses to calculate C.P.I. have been changed purposely to downplay the true inflation rate and don't actually reflect what the average consumer normally buys.

Nice when it works but it doesn't always work that way. I had a great job, made OK money and except for the house was debt free and was definitely right side up on the house. 40K was beating the odds and starting to look good. Went to work feeling great, lifted one thing to many and back went snap, crackle, pop and I was an inch plus shorter in three weeks. No way to repair it, no surgery recommend and not released to work for five and a half years and that work release was forged. I came out of all that with no house, no 401K and thank God no debt but darned little left.

While I agree with what you have said and was working hard on the plan I started all over at 57 with a rather limiting disability and could never return to my trade. Try to find work when your are 57 and have not worked for five and a half years because of an inoperable back injury and see how fast you sterling work record and you qualifications go straight down the tube.

Other medical problems forced my retirement at 62. Now at 67 I have no income except for SS and VA who is on the hook for something that happened while on active duty.

I agree with your advice and wish you and everyone like you who practices financial responsibility the best but do not get to proud as it can all come tumbling down in less that a second.

Now before someone jumps my case for this post let me say this is not a pity me post. We are doing OK and I am not bitching about our conditions. If there is a COLA this year for SS and VAD we will get a little raise but if there is not like last year we will still be fine. I can still pay my rent even though it will likely increase again and I can still sit on my deck and have a good cigar when the mood catches me. If we continue to put a little aside we might even make another Campfire get together next year.

Government pay raises can break a guy. I remember in the the real early 70s I was an E-4 in the navy with a wife and one kid. W got an across the board pay raise. It was big news all over Hawaii where I was stationed at the time. My rent went up something like 25 bucks and milk at the commissary went up a quarter a gallon. My raise was less that five bucks. It sure was a big help.

A three dollar raise humm? Means they'll take another eleven dollars out for Medicare.

If the government defaults on what they owe me, I'll have to start making bank withdrawals- with a 45.

If you haven't already signed up yet you better get busy if you want to start getting a check anytime soon. It's easy to do on line.

I certainly understand how your situation can happen - I had a heart attack six years back and fortunately had kept my insurance in place, helping me avoid the brunt of a 270K hospital bill and keeping my retirement intact. Prior to this, an accquaintance out at our local gun club had the same problem but had let his insurance lapse. This was pre-Obama Care and as his business was suffering from the '07 financial collapse, he felt he could not afford insurance premiums. He rolled the dice and posponed treatment as many do, hoping to make it a year until medicare kicked in and perhaps save his home at the same time. Lost the bet and is now enjoying the big dirt-nap.

There are no guarantee's nor should there be - I have no wisdom to impart other than a conviction that wishful thinking will not win the long-game. The best you can do is to aggressively prepare yourself in the happy event you do make it to retirement. No one else can or will do that for you.

I have been in the financial industry for about 40years. I can tell you lots of stories of people that did everything right, until the day came when it blew up.
But=====to show what a good guy i am, and wanting you to continue smoking those fine cigars on the patio, I will offer to buy chocolate for a 100dollar bill, YOU pay shipping etc. That is a good deal.

The government won't default on Social Security payments. They will just pay some of us and then get take it back via taxes. In fact, they are already doing it for some of the payments.

No guarantee's anywhere at all. That is just life. I just got real lucky with the VA and that helped a lot.

Your kindness brings tears to my eyes.









Tears of laughter that is.

https://www.ssa.gov/history/BudgetTreatment.html

Congressional pay should raise at the same rate as social security.

Plus, if you have other income, you will pay income tax on your Social Security based on a complex calculation tied to your other income. I am currently giving back 20% of our Social Security as income tax (Wife and I). That is based on the standard deduction. With my situation that is always the best way to figure my income tax, although I always figure it long form to make sure.

A spouse can choose to draw half of the primary recipient's SS retirement benefit while the primary is still alive regardless whether or not they have worked long enough to qualify for their own SS retirement benefit. They can also draw the full amount of primary's SS benefit upon his/her death. The same C.O.L.A. raise percentage (if any) are figured seperately and added to each.

With that said, even though a surviving spouse can draw the full amount upon the primary's death, they loose their half benefit, which means they will be getting 1/3 less total income from SS benefits.

Depending on personal financial situations this could make a significant difference in deciding whether to file for SS benefits at the minimum age, postponing it until reaching full retirement age, or later.

(Ex spouses can also draw off the primary's SS retirement benefit too.)