Social Security Beneficiaries: You May Get Your Biggest Raise in Six Years
After a puny raise in the Cost of Living Allowance (COLA) this year of only .3%, and no increase at all in 2016, the expected increase for 2018 is good news for those who rely on Social Security benefits. The trustees who oversee the Social Security’s finances are projecting a 2.2% increase for 2018, which will mean that the average retired worker will receive a bump of about $30 a month, and about $26 more per month will go in the pocket of the average Social Security Disability Insurance (SSDI) recipient.
In recent years, the COLA increases have been relatively low or non-existent due to the very low rate of inflation. Because the Social Security Board of Trustees will have to factor in the inflation numbers for July, August and September before setting the 2018 COLA rate, the official announcement will not be until October 13.