Social Security Cost of Living in 2018: a 2.0% increase
The Social Security Administration announced on Friday that for 2018, it would be increasing Social Security benefits paid by 2.0 percent to match inflation. In theory, this is good news. It provides an increase for the millions of Americans (primarily those who are retired or who have disabilities) who rely on Social Security to maintain themselves. This is the largest such increase in five years; in 2012 the increase was 3.6%, but the inflation indicator the government used has tracked almost no inflation since then. The announcement also said that the Social Security wage base (which is to say, the amount of money a person can make on which they will pay Social Security tax out of their paycheck) will increase to $128,700 from $127,200 in 2017.
It's a good thing that Social Security benefits are going up. Whether they are increasing in line with (or more than, or less than) the actual cost of living in this country is entirely a different matter. Rising health care costs are a constant threat to the financial wellbeing of Social Security recipients. If you are having difficulty understanding your Social Security benefits, or you feel you may need help with additional government benefits in order to balance your healthcare with living at home, please give us a call and we can see how we can help you.
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