The government has just set the 2017 Social Security cost of living adjustment at just plus 0.3 percent. In dollars and cents, it means the average retired beneficiary’s check will only rise about $5.00.
USA Today points out, the even more bitter pill: Many current Medicare beneficiaries won’t be able to spend any of that extra money. Instead, they’ll likely have to send their COLA straight back to Uncle Sam to cover higher Medicare Part B premiums.
The 0.3% hike comes at a time when the government's own figures show price inflation climbing at a rate of 1.5%, 5 times greater that the "cost of living adjustment."
Basics that are a significant portion of a retired person's expenditures are climbing even faster.
According to the Bureau of Labor Statistics' latest data, over the last 12 months, shelter prices have climbed at a rate of 3.4%, medical care services at a rate of 4.8%.
Social Security is a Ponzi scheme that is on its last legs, It will hurt those who never set aside extra savings and believed the government was an honest administrator of their retirement money. That belief is going to make their final years financially painful years.