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I received a cost of living increase which was supposed to…

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I received a cost...

I received a cost of living increase which was supposed to be 3%. The amount I received was 0.003, which is three-tenths of a percent...which percent is right?

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I don't know what the Retirement Account is.

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Not that I know of. Is there a way that I can find out if the percent I received is right. It amounted to $4.

Submitted: 1 year ago.Category: Social Security
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Answered in 14 minutes by:
12/15/2016
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name's Lane. I can help here.

...

The increase was .03 (three tenths of 1 percent) can also be expressed as .3%

...

You can see that if you look at the bottom half of page 2 of this document.

...

https://www.ssa.gov/news/press/factsheets/colafacts2017.pdf

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago

Yes, so sorry, it was a pittance this year (last year was zero). The good news is that we're already seeing the economy heating up, the Fed just raised rates 25 basis points (indicating a little inflation on the outlook), and given the infrastructure spending that will be coming with the new administration, next year is likely to be much better.

...

And, in general (although everyone's situation is different) we didn't have much inflation this year.

...

Please let me know if you have ANY questions at all, before rating me

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I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content.

Otherwise I’ll receive no compensation for the work here at all, from JustAnswer.

Thank you!

Lane

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago

P.S. Here's an article that discusses this in plain English

...

http://www.cnbc.com/2016/10/18/social-security-increase-is-03-percent-next-year.html

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