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Some skeptical of what 2% COLA will mean to them
Friday’s announcement by the Social Security Administration that all beneficiaries will be getting a 2% cost of living adjustment (COLA) starting in 2018 was met by considerable skepticism by some of those affected. The increase, which for the average recipient will mean a raise of about $27 per month, is likely to be consumed by increases in Medicare premiums, higher rent, or higher drug costs. COLA increases have, like the 2018 one, been very low or non-existent in recent years, and some blame the Government’s method of computing the COLA for the low amounts. This WWLP (Massachusetts) 22News article by Tashanea Witlow discusses the news of the increase and how some residents are reacting to it. Click here to read more.