Will Social Security Go Up in 2018?
Countless Americans rely on Social Security to stay afloat financially in retirement. But for years, enrollees have been struggling to keep up with their living costs. The Senior Citizens League reports that retiree expenses rose by over $119 per month in 2016, yet Social Security's meager 0.3% cost-of-living adjustment (COLA) that year only put an extra $5 in the average recipient's pocket, if that. In fact, most beneficiaries didn't see a boost at all, because a rise in Medicare Part B premiums swallowed that COLA up whole.
It's therefore somewhat encouraging to hear that Social Security recipients might get a more significant boost come 2018. According to the latest report by the Social Security Board of Trustees, current beneficiaries can expect a 2.2% percent COLA for 2018, which is far better than the 0.3% increase they got in 2017, and worlds better than 2016's non-existent increase. Additionally, because the latest projections also indicate that Medicare Part B will remain unchanged next year, there's a good chance seniors will get to keep that $28 in full.
IMAGE SOURCE: GETTY IMAGES.
Source: Fool.com
