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Social Security Benefits to Raise 2.2% in 2018

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    2.2% increase to Social Security benefits equates to about $30-35 more per month in every single person's pocket that gets benefits. Sure that's not a ton of money still. But for those living on a fixed income budget, that's certainly welcome news. Annually, it's about an extra $360-420/year for everyone. Not too bad.

    And it's also the best cost-of-living increase the program has seen % wise in the last 6 years. Way better than this year, with a very small 0.3% raise. This one is over 7 times that.

    So good news, though this is just a prediction based on projected COL and whatnot. The exact % of increase will be officially announced in October, so stayed tuned.

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    J.K.Logic Wrote:

    2.2% increase to Social Security benefits equates to about $30-35 more per month in every single person's pocket that gets benefits. Sure that's not a ton of money still.

    So does that also increase what is coming out of every single person's pocket who isn't receiving benefits by $30 -$35 more?
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    JFoster Wrote:
    J.K.Logic Wrote:

    2.2% increase to Social Security benefits equates to about $30-35 more per month in every single person's pocket that gets benefits. Sure that's not a ton of money still.

    So does that also increase what is coming out of every single person's pocket who isn't receiving benefits by $30 -$35 more?

    Not for everyone. But for those that make over $127,200/yr they will probably end up paying a bit more to fund the program, as the maximum taxable earnings on Social Security payroll taxes will probably slightly increase.

    Also the full retirement age is going up again, by 2 months in 2018.

    So combining those two factors makes it pretty easy to see how SS could afford the increase. Though also to be fair, it's not a 'raise', it's a cost of living adjustment, to keep up with inflation.