Here's What a 2% COLA in 2018 Would Mean for the Average Social Security Beneficiary
As of August, more than 42 million retired workers were receiving a monthly stipend from the Social Security Administration (SSA). A majority of these retirees (62%) rely on their monthly paycheck to account for at least half of their income. Thus, any major changes to Social Security are bound to have the undivided attention of our nation's retirees.
October is what you might call the month of months when it comes to Social Security changes. Usually in mid-October, the SSA announces inflationary increases to the maximum taxable earnings cap, as well as the maximum monthly benefit at full retirement age. But the annual change the bears the most interest for seniors is the cost-of-living adjustment (COLA), which should be due out in a matter of days now.
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Source: Fool.com
