This morning, the Social Security Administration gave its final word on the COLA boost Social Security beneficiaries can expect for 2018:
When applied to the average monthly benefit, this factors out to around $25 extra per month.
Earlier in the year, the Social Security Trustees estimated retires could expect around a 2.2% increase–though the actual boost fell just short, the good news is even at 2%, this is the largest COLA increase since 2012 (3.6%).
After 2017’s 0.3% COLA–amounting to around $5 extra per month for most–2% is certainly a welcome increase by all.
But expected Medicare premium increases put a damper on things. Though the public won’t get a final figure on that number until November, experts anticipate premium increases will eat into this COLA win.