Latest Social Security monthly increase wouldn’t buy a ‘value meal’

It sure doesn’t seem that retirement is paying off for people who depend on that monthly Social Security check as their chief source of income.

The federal government announced this week that Social Security payments for 2017 will increase by 0.03 percent — but the average bump in monthly checks is so miniscule, it wouldn’t buy an adult value meal at McDonald’s. The increase represents approximately $5 to the average monthly benefit and is set to begin Jan. 1.

It also follows a year in which there was no cost of living adjustment in the monthly benefit.

The idea that the government would consider $5 as a cost-of-living adjustment amount is enough to give anyone a good chuckle — except this is no laughing matter.

More than 60 million Americans — many senior citizens — depend on the monthly benefit to help ease their “golden years” and another 8 million with limited income and resources who are disabled, blind, or 65 and older, also depend on the monthly stipend just to provide the basics.

The amount of Social Security benefits people receive is based on the consumer price index, which is supposed to ensure checks keep pace with inflation. If inflation does not go up, neither do the checks.

But that is a serious problem. The average monthly benefit is $1,300 — 40 percent less than a person’s preretirement income.

While the cost of living didn’t rise, out-of-pocket expenditures for prescription drug and health care costs are soaring and senior citizens in Connecticut say “it’s getting tougher and tougher to make ends meet.”

U.S. Sen. Chris Murphy, D-Conn., believes the government should throw people a lifeline by passing the Seniors and Veterans Emergency (SAVE) Benefits Act, which was introduced in the Senate by Massachusetts Democrat Elizabeth Warren.

The bill directs the Department of the Treasury to issue a one-time payment of $581 — which is a 3.9 percent increase — and would affect about 70 million seniors, veterans, persons with disabilities and others throughout the nation. The emergency payment would be paid for by closing a tax loophole that lets corporations write off executive bonuses as a “business expense,” which is equal to 3.9 percent.

Murphy says in the current financial climate, “it makes no sense why Congress isn’t doing that.” We agree. While there are signs the economy is on the rebound, things remain tough for seniors, people with disabilities, veterans and people on fixed incomes. It is time the government recognizes that it must revise the way COLA is factored to ensure more than just the cost of living is looked at to determine benefits.

One thing is for certain; Congress couldn’t possibly think that $5 extra a month will make a difference.

But then again, who knows? This Congress often appears more entrenched in party-line ideology than with the needs of the people.

More than 60 million Americans — many senior citizens — depend on the monthly benefit to help ease their “golden years” and another 8 million with limited income and resources who are disabled, blind, or 65 and older, also depend on the monthly stipend just to provide the basics.