Social Security recipients will get a 2% increase in benefits in 2018, an amount slightly lower than what was projected this summer but up sharply from the past two years.
The cost-of-living adjustment (COLA) covers more than 61 million Social Security beneficiaries and more than 8 million recipients of Supplemental Security Income benefits. Some people get both.
With the boost, the highest since a 3.6% bump in 2012, the average person will get about $25 more a month. The average monthly Social Security payment is currently $1,258, or about $15,000 a year.
The rate of the increase is tied to the Consumer Price Index, an inflation gauge.
The Social Security Board of Trustees had projected in July that this year's increase would be 2.2%. While it fell short of that amount, it came after an increase of 0.3% for 2017 and no change in 2016. Click here to continue reading.
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