Social Security Increases Benefits by 2.0% for 2018

Retirement

Social Security Increases Benefits by 2.0% for 2018

More than 66 million Americans will see the 2.0% increase in their payments beginning in January of 2018.

October 18, 2017

The Social Security Administration has announced a cost of living adjustment (COLA) to recipients’ monthly Social Security and Supplemental Security Income (SSI) benefits. More than 66 million Americans will see the 2.0% increase in their payments beginning in January of 2018. The increase – the largest seen since 2012 – is tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers and was put in place to ensure the purchasing power of these benefits isn’t eroded by inflation.

Cost of living

This figure is an increase from last year's 0.3% adjustment. According to the Social Security Administration, on average, retired workers currently collect $1,377 a month in Social Security payments, or roughly $16,524 a year. The 2.0% COLA will add about $27 a month to those payments, or $324 for the year.

Keep in mind, all federal benefits must be direct deposited. So if you haven’t already started receiving benefits, you need to establish electronic transfers to your bank or financial institution. Contact your financial advisor for more information.

Source: Social Security Administration



View more


Back to Top

Seven Ways to Generate a Retirement Paycheck
Seven Ways to Generate a Retirement Paycheck READ READ

Do Risk and Retirement Mix?
Do Risk and Retirement Mix? READ READ

Where Medicare Falls Short
Where Medicare Falls Short READ READ