Social Security's 2018 Raise May Not Reach Up to 70% of Its Beneficiaries

Social Security's 2018 Raise May Not Reach Up to 70% of Its Beneficiaries

For tens of millions of Americans, Social Security provides a financial foundation that they simply couldn't live without. Data from the Social Security Administration (SSA) in 2016 finds that 62% of retired workers -- and there are more than 42 million of them receiving a monthly stipend from the SSA -- relies on their monthly payment for at least half of their income.

Given how important Social Security income is for a majority of seniors, last week's inflation data release from the Bureau of Labor Statistics (BLS) bore particular importance. The BLS's September inflation announcement was the last piece of the puzzle needed to figure out what the cost-of-living adjustment (COLA) would be in the upcoming year. Think of COLA as nothing more than the "raise" that Social Security beneficiaries receive from one year to the next as a result of inflation.

Image source: Getty Images.

Continue reading

Source: Fool.com