Cost of Living Increase for Social Security Largest Since 201225 Oct
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The annual cost of living adjustment for 2018 for Social Security recipients, 61 million in all, is the highest it has been since 2012! At a 2.0% increase, it simply blows away the past several years. In 2017 the cost of living increase was 0.3% and in 2016, it was ZERO!
The Social Security’s announcement on the cost of living adjustment can be found here at COLA.
Interesting to note since 2010, there has been NO cost of living adjustment in 3 of those 8 years. One year the COLA was 0.3% and only one year was it above 2.0%, when it followed two straight years of ZERO increase. Compare the last 8 years to 1980 when the cost of living adjustment was 14.3%!
What does this all mean? More money. To be exact, 2% more. This is good news for Social Security recipients as the cost of living rises every year, so should your social security benefits. Hopefully this is an upward trend wherein each year we will see greater cost of living raises.