By Anais Bundy 10/14/17
Good news for the nation’s senior citizens. The federal government announced that Social Security checks will be increasing by two percent in 2018, the biggest in years.
In 2017 Social Security checks went up 0.3 percent and in 2016 there was no increase at all. Next year’s increase is required because of the higher cost of living adjustment ( COLA), The COLA is based on a measure of inflation which tracks the increased cost of consumer costs for working (or non-working?) citizens.
The cost of living rose substantially this year due to the series of hurricanes. Energy costs increased by 6.7 percent, food and medical care each increased by 1.1 percentThe average recipient receives a Social Security payment of approximately $1,377 a month. The increase will raise checks by $27.
The American Association of Retired Persons found that half of the seniors in the United States depend on Social Security for 50 percent of their income. Most people on Social Security are retired or unable to work.