Social Security recipients, we have good news: the Social Security Administration (SSA) has released their annual Cost of Living Adjustment (COLA), and we’re happy to report that there will be a two percent increase.
Designed to keep up with the ever-changing cost of living, this social security benefit adjustment is the highest increase in six years.
What’s the Lift Mean For Me?
The two percent COLA increase means that beginning in January, over 60 million retired folks will receive an additional $27 per month, or $329 for the year.
- Spouses of retirees, aged and disabled widowers, and disabled workers will receive an additional $14-26 per month.
- Retired and disabled workers with family, and surviving children will receive an additional $22-45 per month.
- Widowed mothers with 2 children receive the highest increase at $54 per month.
Download the 2018 COLA Report
To gain a better understanding of the 2018 COLA and what it means for you and your family, download our 2018 COLA eBook for an informative look at:
- The 2018 COLA. Discover the reasons behind the increase and see how it’s calculated.
- Consumer Price Indexes. Learn how the US Bureau of Labor Statistics uses these statistics to gauge the economy and how that affects the annual COLA.
- How COLAs are applied. See the formulas behind the increase.
- Impact of past COLAs. View adjustments from 1975 (the year of the first COLA) through 2017.
- History of the COLA. Travel back to 1940 when the first SS benefit payments were introduced.