Retirees, beware: Your Social Security retirement check might not grow at all next year.
The Board of Trustees of the Social Security Trust Funds estimates that the 2017 cost-of-living-adjustment likely will be very small to flat: from 0.7 percent down to zero. The adjustments are based on increases in the consumer price index.
"It's scary for seniors on fixed income," said Paul Auslander, director of financial planning at ProVise Management Group. "People are resigned to it being what it is: They're not getting an increase and they're cutting expenses in other places." The average monthly retirement benefit as of May was about $1,300.
In 2014, the most recent data available, 61 percent of beneficiaries aged 65 and over said Social Security accounted for at least half of their income. And for 33 percent, Social Security was more than 90 percent of their income.