Older Retirement Ages and More Social Security Changes Coming in 2018

What this means for you

U.S. Treasury check

An increase in Medicare Part B premiums might negate the cost of living adjustment. | William Thomas Cain/Getty Images

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.

More Articles About:    

More from The Cheat Sheet