It’s not official yet, but it appears that those persons receiving Social Security benefits will see the largest yearly increase in benefits for many years. Current projections show that the cost of living allowance (COLA) for beneficiaries will be 2.2% for 2018. This amounts to around $30 for the average Social Security recipient.
More Than Past Years
While 2.2% is not much, it is considerably better than the increases from the last few years. Consider that the 2017 COLA was 0.3%. In 2016, Social Security did not raise benefits at all.
Official Announcement Due In October
The official announcement of the COLA for 2018 will come in October. The actual number could, of course, be different than the 2.2% projection. But, even if it is somewhat lower, it will still be an improvement.
If you are a Social Security beneficiary, it looks like 2018 will start off with a pleasant bonus.
How Will This Increase Affect You?
If you are living on Social Security benefits, how will this increase affect you? Do you think Social Security should raise the amount even higher?
Let me know.
