Friday, October 13, 2017

Social Security Benefits Expected to Increase By the Largest Amount Since 2012

The Social Security Administration has announced taht a 2.0% increase for monthly checks starting in
late December for disability beneficiaries and in January for the larger program covering older Americans. It is the largest cost-of-living adjustment since a 3.6% increase in 2012.

Cost of Living increase since 2000:

About 66.7 million people--roughly 1 in 5 Americans--will receive a boost to their nominal income next year due to the adjustment.

Social Security benefits adjust each year for price inflation---inflation, as measured by the government produced consumer price index, specifically the  Consumer Price Index for Urban Wage Earners and Clerical Workers, which is a Bureau of Labor Statistics calculated figure.


1 comment:

  1. Typically the COLA is eaten up by a corresponding increase in the Medicare Part B premium.