Social Security cost-of-living allowance sees minimal increase for 2017

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SARASOTA, Fla. - A point-three percent increase means the average social security recipient will get about five dollars more per month.

Government benefits consultant Jerry Zivic says the cost of living adjustments are based on increases in the consumer price index.

"When inflation goes up, the increase would go up and there are all these different factors," Zivic said. "But what's interesting is the portion of the consumer price index social security uses today really only covers about a third of the people."

To make matters worse, many beneficiaries must deal with higher medical premiums.

"A senior's biggest problem is the cost of health care. The cost of health care is going up exponentially every year, so a 0.3 percent increase doesn't come close to what medicine will cost."

The conversation leaves 29-year-old Vanessa Little concerned about her future. She's under the realization that she may never receive a social security check in the future.

"Possibly by the time I get older, I may have to work longer or possibly may not be able to have a livable wage or social security to live off of," she said.