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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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.