Social Security checks to rise 0.3 percent

Social Security benefits are going up slightly. If you depend on Social security, you will get a 0.3 percent raise to your monthly checks in 2017. For the average retiree, that comes out to about $5 extra.

The 0.3 percent monthly increase is a cost-of-living adjustment or COLA. However, recipients may see that extra $5 go to cover rising Medicare costs.

Almost a third of Medicare users will see premiums increase by about 22 percent next year. This could force millions of people, who rely on Social Security, to accept a lower standard of living.

“You know, people get excited when they hear there will be a cost-of-living adjustment or an increase to their social security benefit. But one portion of that, that is often overlooked, is in the year they will raise the amount that you receive for Social Security, there is typical raises in the costs of Medicare premiums,” national Social Security adviser Jordan Anderson said.

The COLA is used to keep people afloat with inflation. This is the first adjustment Social Security has offered within the last two years.