Social Security Payments Will Go Up By 2 Percent

Photo credit: Gabriela Pinto, CC BY 2.0.

Today in “unexpectedly good financial news,” we go to MarketWatch:

Seniors who collect Social Security will get a 2% increase in their monthly checks in 2018, marking the biggest gain in six years.

The cost-of-living adjustment announced by the Social Security Administration is the largest since a 3.6% increase in 2012. Might not sound like much, but it’s a lot more than the nation’s 42 million retirees got in 2016 or 2015.

Seniors only got a 0.3% increase this year and none at all in 2015.

That’s… great! Right? MarketWatch notes that this adjustment will barely cover cost-of-living increases and won’t help seniors with rapidly-rising healthcare costs, but… it’s still better than nothing.

Since it’s Parents Month at The Billfold, have any of you talked with your parents about this upcoming Social Security increase?

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