President Trump has finally done it, and defied critics. He’s just made a lot of people very happy with the announcement that came from the Social Security Administration.Trump has given the largest increase since 2012, but people would like to see even more of an increase if possible. Of course, that could depend on where people live as the cost of living might be different in New York compared to a midwestern state. But Nonetheless the increase is a monumental win!Social Security and Supplemental Security Income benefits for over 66 million Americans will increase 2 percent during 2018, an increase coming instead of a decrease, giving back a few more dollars to people who’ve worked hard their entire lives.The 2% cost-of-living adjustment will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018 and continue with the rest later in the year. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics in 2017.Trending:Julia Roberts Finally Says How She Feels About Conservatives Seeing Her Movies – BAD Idea!Some other adjustments that take effect throughout 2018 are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax will increase to $128,700 from $127,200. Of the estimated, 175 million workers who will pay Social Security taxes in 2018 and about 12 million of which will pay more because of the increase in the taxable maximum.The following press release was posted onSSA.Gov: “Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018, the Social Security Administration announced today.The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018. Increased payments to more than 8 million SSI beneficiaries will begin on December 29, 2017. (Note: some people receive both Social Security and SSI benefits) The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $128,400 (1) from $127,200. Of the estimated 175 million workers who will pay Social Security taxes in 2018, about 12 million will pay more because of the increase in the taxable maximum.Information about Medicare changes for 2018, when announced, will be available at www.medicare.gov.
Ginny Brown - 2018-06-15
A 2 % raise in Social Security, may not seem like a big deal but trust me, after many years with no raise any raise 2 years in a row is great! I, for one, am not complaining!! Every dollar helps when you're disabled! Thankfully it covers my rent increase. I refuse to complain! I also get 100% service connected benefits as a Viet Nam Era US Air Force veteran who was injured on the job!
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Chuck Sutton - 2018-06-15
Our government stole millions of our dollars we paid in to finance our retirement income then wants to pay out pennies on the dollars where is the justice in this theft??????wake up America !!!!!!!!
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Joanne Gallagher - 2018-06-14
any increase is great but every time there's an increase Medicare makes an increase so we're where we were
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Marilyn Reed - 2018-06-14
It's either pay your bills or starve! which I've experienced!
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