Skip to content

Medicare premiums might devour your increased 2018 Social Security benefit

October 19, 2017

From the CNBC website

For retirees who are relieved their Social Security benefits are getting a slight boost next year, the celebration shouldn’t start quite yet.

The Social Security Administration announced Friday that the annual cost-of-living adjustment (commonly called COLA) for 2018 will be 2 percent. Marking the biggest increase since 2012 — and coming after a 0.3 percent rise for 2017 — the change means the average monthly benefit for all 66 million Social Security recipients will rise by about $25, to $1,283 from $1,258.

While no windfall already, another problem is that the extra money could get eaten up by Medicare premiums for about 70 percent of retirees, according to The Senior Citizens League.

Continue reading

From → Benefits

Comments are closed.