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Social Security COLA increase for 2018

10-20-2017 - The Social Security Administration has announced that Social Security benefits will increase by 2% in 2018. This is the largest increase since 2012 and is due in large measure to the cost of gasoline, which spiked in the wake of 2017's hurricanes. The average monthly check will increase from $1,377 to $1,404.

However, according to the Senior Citizens League, the benefits increase could be wiped out for most beneficiaries (those in the "hold harmless" group) by an increase in Medicare Part B premiums. Part B premiums cover doctors' visits and other outpatient care. Experts are anticipating a rise in premiums, although there has been no official announcement as yet.

Additionally, in 2018 the earnings subject to the Social Security tax wil increase from $127,200 to $128,700. It is expected that about 12 million more workers will pay the tax as a result of this change.

Read more about the COLA at the Social Security website.

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