Look What Trump Just Did For Social Security Recipients — They Said He Couldn't Do
It!
President Trump defied critics and just made a lot of people very happy with the announcement
that came from the Social Security Administration, They have happily announced that 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% persent 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.
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 dollars from $127,200 dollars . 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.
This has been stated as 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.The following press release was posted on SSA.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 dollars(1) from $127,200 dollars.
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.
The Social Security Act provides for how the COLA is calculated.
To read more, please visit www.socialsecurity.gov/cola."
People who would like more information can review the following fact sheet which provides
even more information.
If you're wondering what to do with the extra income, or how much it is, then please
refer to the following information provided by USNews: "The average Social Security
check is $1,377 dollars a month, and so next year, a typical payment will climb by $27
dollars a month."It all comes down to the individual," he says.
"If the person needs that amount to meet their monthly financial needs, then, obviously,
that is the best use of the money.
They earned the benefit, and they should use the money to make their lives a bit easier.
If the person or couple doesn't need the money to maintain their standard of living
because they have other streams of income, then they can use the money in a multitude
of ways."
And while $27 dollars a month isn't much, Dellutri points out that if you're married,
and you both have $27 dollars a month coming in, that's $54 dollars a month.
It still isn't a fortune, but it adds up to $648 a year.
And if you have other sources of retirement revenue, chances are, you could use that $648
for something useful."
Critics would certainly say this isn't enough of an increase, but if someone handed you
$648 dollars, would you take it?
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