The Social Security Administration has just announced that people receiving Social Security Retirement, Social Security Disability and Supplemental Security Income (SSI) will be getting a raise in 2018, the largest increase since 2012.
It will result in about a $25 monthly increase for the average beneficiary.
The 2% cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2018. Increased payments to SSI beneficiaries will start on December 29, 2017.
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. It measures price changes for food, housing, clothing, transportation, energy, medical care, recreation and education.
Social Security checks went up 0.3% in 2017, but there was no increase at all in 2016.
The average Social Security check for a retired worker is currently $1,377 a month. It will go up to $1,404 after the first of the year, a $27 increase.
You can get an estimate of your Social Security benefits using the calculator located at: