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2017 COST OF LIVING INCREASE (COLA) 0.3%
What is a COLA?
Legislation enacted in 1973 provides for cost-of-living adjustments (COLA) to Social Security benefits. With COLAs, retirement benefits (like Social Security) keep pace with inflation. In other words, COLAs help retirees bridge the gap between the benefits they receive and the rising cost of living. The latest COLA increase is 0.3 percent for Social Security benefits and SSI payments. The increase will begin with the December 2016 benefits, which are payable in January 2017. For more information visit SSA.gov.
CSRS and FERS
COLAs are also provided to annuitants for both Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). Retired Federal employees and entitled surviving family members of deceased Federal employees and retirees will receive a COLA effective December 1, 2016, which will be reflected in their benefit payable January 3, 2017.
Under CSRS and FERS, the COLA will be 0.3 percent for those who have received benefits for at least one year (FERS annuities are not increased for those under age 62 except for disability retirees, survivor beneficiaries and those under mandatory retirement systems). For more information on the 2017 COLA increase please visit the OPM website.
How to find assistance when COLA is not enough
You have access to free government resources and aid that may be able to assist you. Learn more at
https://www.usa.gov/benefits
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