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What does a 2.8% COLA mean to most?

The 2.8% cost of living adjustment announced on October 11th is the highest since 2012.  It will take effect on January 1, 2019.  The average retired worker now receives $1,422 a month. But after their “raise,” the average retiree would net $1,461 a month, an extra $39 per month and $468 per year.  The amounts are near identical for widows and widowers receiving survivor benefits.  Of course “average” is not everyone’s situation, and Medicare premiums are going up too, albeit slower than in past years.  Read more on Sean William’s piece in The Motley Fool here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.

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