Social Security Administration Announces 2.0% COLA Increase

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By Rich Mitchell -

The Social Security Administration announced Friday that it will increase Social Security and Supplemental Security Income benefits for more than 66 million Americans by 2.0%. “The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018, SSA said in a statement. “Increased payments to more than 8 million SSI beneficiaries will begin on December 29, 2017. (Note: some people receive both Social Security and SSI benefits)” The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA. “Today’s 2 percent COLA announcement gives some relief to Social Security beneficiaries and their families who depend on their earned, modest benefits,” AARP CEO Jo Ann Jenkins said in a statement. “Since 2011, beneficiaries have received little to no increase – never more than 1.7 percent. For …

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