A $5 raise for retirees may not be much, but it’s a windfall compared to some years
It has been tough sledding as of late for the millions of Social Security recipients looking to get raises from the U.S. government.
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In 2016, they got a zero percent increase. And ditto for 2010 and 2011.
In 2017, they’ll get a raise of $5 per month, or 0.3 percent, increasing the average monthly payment from $1,355 to $1,360 per month.
Top Senate Democrats complain that it’s not enough to keep pace with inflation.
As a result, Democratic Sens. Patty Murray of Washington state and Chuck Schumer of New York this week called on Congress to approve a $581 one-time payment as a supplement for the more than 65 million retirees, veterans and disabled Americans who receive Social Security payments.
The increases are linked to the Consumer Price Index.
Here’s a look at the increases that Social Security recipients have received each year since 1975.
July 1975 -- 8.0% July 1976 -- 6.4% July 1977 -- 5.9% July 1978 -- 6.5% July 1979 -- 9.9% July 1980 -- 14.3% July 1981 -- 11.2% July 1982 -- 7.4% January 1984 -- 3.5% January 1985 -- 3.5% January 1986 -- 3.1% January 1987 -- 1.3% January 1988 -- 4.2% January 1989 -- 4.0% January 1990 -- 4.7% January 1991 -- 5.4% January 1992 -- 3.7% January 1993 -- 3.0% January 1994 -- 2.6% January 1995 -- 2.8% January 1996 -- 2.6% | January 1997 -- 2.9% January 1998 -- 2.1% January 1999 -- 1.3% January 2000 -- 2.5%(1) January 2001 -- 3.5% January 2002 -- 2.6% January 2003 -- 1.4% January 2004 -- 2.1% January 2005 -- 2.7% January 2006 -- 4.1% January 2007 -- 3.3% January 2008 -- 2.3% January 2009 -- 5.8% January 2010 -- 0.0% January 2011 -- 0.0% January 2012 -- 3.6% January 2013 -- 1.7% January 2014 -- 1.5% January 2015 -- 1.7% January 2016 -- 0.0% January 2017 -- 0.3% |
Source: U.S. Social Security Administration
Rob Hotakainen: 202-383-6154, @HotakainenRob
This story was originally published October 27, 2016 at 3:55 PM with the headline "A $5 raise for retirees may not be much, but it’s a windfall compared to some years."