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Social Security benefits are getting another boost in 2018

13 Octobre 2017

The overall 2 percent increase in social security is the largest increase since 2011, when the benefit was bumped 3.6 percent, but it still falls below the percentage predicted by officials earlier this summer.

According to ABC News, the increase would mean about $25 more a month to the average beneficiary.

The Social Security Administration announced the cost-of-living increase Friday. This change will affect over 66 million Americans who rely on monthly Social Security payments. Sometimes that adjustment, known as COLA, is close to zero. It will go up to $1,404 after the first of the year, a $27 increase.

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The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, a broad measure of consumer prices, the Associated Press reports.

Last year, Social Security checks went up 0.3% and there was no increase at all in 2016.

Social Security benefits are getting another boost in 2018