Social Security Increases Benefits by 2.0% for 2018 - Butler Financial, LTD

Resources

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

Other posts you might like
ButlerFinancial
The next level of play in the financial markets

Markets & Investing April 01, 2024 Raymond James CIO Larry Adam reminds investors they need to be well...

read more
ButlerFinancial
No fooling – a silver lining for investors

Markets & Investing April 01, 2024 Doug Drabik discusses fixed income market conditions and offers...

read more
ButlerFinancial
March highlighted by markets rising to record highs

Markets & Investing April 01, 2024 Market rally driven by a broadening of the market and optimism that...

read more