Social Security will look a bit different in 2018. Every year, Americans eagerly await the announcement outlining the various changes being made to what many consider the most important social program in the country. Will your benefits increase? What about the strict guidelines tethered to the program? Will they be modified in a way that affects your ability to get by? These are all questions 46 million of America’s seniors and 66 million overall worry about every fall.
The Social Security Administration released its adjustment reports for 2018. Here is what you need to know about the changes being made to Social Security in 2018 and how they’re probably going to affect you.
1. You’ll (sort of) get a raise
With the release of the January 2018 Cost of Living Adjustment, Americans can now stop wondering what will happen to their monthly payouts. This year, seniors will receive a 2% increase in COLAs, which amounts to about $27 per month more on average. Singles will receive an average of $1,404, and couples who are both receiving payments will receive $2,340, a full $46 more monthly. The maximum possible Social Security benefit for those who begin collecting benefits at full retirement age will also increase to $2,788 in 2018.
Next: See why your 2018 raise is only “in theory”