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The Average Social Security Check Will Rise by $27.50 in 2 Days

The Average Social Security Check Will Rise by $27.50 in 2 Days
 
According to data from the Social Security Administration (SSA), 62% of seniors rely on their monthly stipend to account for at least half of their income. What's more, 34% lean on Social Security for between 90% and 100% of their monthly income. If this program weren't there, the Center on Budget and Policy Priorities suggests that 22.1 million additional Americans would be living below the poverty line.
 
the maximum monthly payout at full retirement age is increasingly noticeably in 2018. Folks who managed to consistently earn more than the maximum taxable earnings cap for 35 or more years can receive up to $2,788 a month at their full retirement age, up $101 from 2017.
 
For workers, it pays to know that the maximum taxable earnings cap for the payroll tax rose by $1,200 to $128,400. This means the 12.4% payroll tax applies to all earned income between $0.01 and $128,400 in 2018, up from $0.01 and $127,200 in 2017.
 
But make no mistake about it: Social Security's cost-of-living adjustment (COLA) is the star of this data release each year. In 2018, according to inflationary data from the Bureau of Labor Statistics, Social Security recipients will receive a 2% COLA -- the highest in six years. The jump in COLA is in response to higher gasoline prices (one of the many categories measures by Social Security's inflationary tether) as a result of hurricanes Harvey and Irma shutting down refining and drilling capacity in the Southern U.S. and throughout the Gulf of Mexico.
 
With the average retired worker bringing home $1,375.29 a month, it means the average recipient can expect a $27.50 increase in their monthly take-home. Over the course of a year, we're talking about an extra $330.
 
RepliesTypeAuthorRecsPost DatePost
GNflaboy012/31/2017, 5:20pm
GNBlack Blade112/31/2017, 11:28pm