What this means for you
In 2017, Americans saw benefits increase by just 0.03%, so this increase is a welcome change of pace for those living on a fixed income. The COLA hasn’t been this high for six years. But don’t break out the champagne and credit cards just yet. Most Americans won’t notice any difference in their monthly checks, as the increase in Medicare Part B premiums automatically deducted from your benefits will likely offset any boost.
Next: Some Americans will pay more in Social Security taxes.