By John Ninfo
Before we look at some past and current personal finance statistics, which have and continue to convince me that we have a “National Epidemic of Financial Illiteracy,” I want to congratulate those retired Americans, who are on Social Security, on your raise for 2017. As I write this column, the exact percentage is still to be made official, but it is estimated to be between 0.02 and 0.05 percent.
So if your monthly benefit is $2,400, your increase could be between $4.80 and $12 per month. It is certainly better than last year, when there was no increase, but it won’t go very far for many Americans, especially those who rely on Social Security as their only or primary retirement income.
I hope that at some point down the line Congress and the President will act, and not make a liar out of me, as I continue to tell high school and college students, who believe that they will never see Social Security retirement benefits, that they will.
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