Social Security Set For 2% Increase

You might need a magnifying glass to spot the Social Security Cost of Living raise

Do you receive Social Security benefits?

If so, your check will rise 2 percent in 2018, the biggest cost of living adjustment (COLA) in years (you may remember that 2017’s raise was a skimpy 0.3% and 2016’s was zero).

For the typical Social Security recipient, that translates into a $27 per month raise.

But before you spend your new riches, be aware that the Government may be clawing them back.

“Many recipients will find most or all of that increase eaten up by a jump in the Medicare Part B premiums deducted from their monthly Social Security checks,” says Janet Novack, writing for Forbes. For more details, see Janet’s recent article on how Medicare premiums keep heading upward for retirees considered “higher income” by Congress.

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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