It’s Your Money > Social Security and Pensions

Social Security benefits set to increase by 2.2%

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Lee2:
Good news for the Americans on this forum, every little bit helps.

--- Quote ---Americans receiving Social Security benefits in 2018 can expect to see the program's largest payment increase in years, according to the trustees report released Thursday.

In January, recipients will receive a $28 monthly increase in benefits, which, although amounts to just 2.2%, is much larger than the 0.3% increase in benefits recipients collected this year.
MORE: http://tinyurl.com/y8f2plny
--- End quote ---

Gray Wolf:
Okay, I read the article, and I'm confused. Does everyone get a $28 increase, or do we get a 2.2% increase? It's not the same thing. Even with the average amount they stated, the $28 doesn't add up to 2.2%.
I've never seen an across the board increase of a specific dollar amount. It's always been a percentage increase.
Whatever we get, I'm looking forward to it! More money for my San Mig and Red Horse fund!  :)

M.C.A.:
Glad Lee2 you posted something on this, I've forgotten but that increase sure will help us out.

bigrod:
Understand that most recipients that also pay Medicare will see an increase of the cost from $108 to $134.  So that $26 increase will lower the amount of the SS raise.

Chuck

Lee2:
Well I just got my notice from SS and it says that I will get a 2% increase but then it shows that my Medicare cost went up from $105 to $129, I had taken SS at 62 which was over 7 years ago, so basically it is more or less a wash for me, I wonder how you all made out?

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