Social Security Checks Are Rising in 2018 -- but Seniors Shouldn't Get Too Excited About It
The Social Security Administration recently announced a 2017 cost-of-living adjustment, or COLA, of 2%, meaning that Social Security recipients will receive this increase to their monthly benefit checks staring in December 2017. This is the highest COLA in six years and is welcome news for many American retirees.
However, a 2% COLA is actually quite low by historical standards, and what's more, Medicare costs could offset most of the increase, and the expenses seniors incur may be rising faster than the COLA would suggest. Here's a brief history of Social Security cost-of-living adjustments, how the COLA is determined, and why this year's 2% increase may not be much of an increase at all for most retirees.
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Source: Fool.com
