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Will there be an increase this year, and if so, by how much?

Customer Question
Will there be an...

Will there be an increase this year, and if so, by how much?

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I am 84 years of age.

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

I don't think so.

Submitted: 9 months ago.Category: Social Security
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Answered in 22 minutes by:
9/9/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 9 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,416
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi, My name's Lane.

...

The official announcement won't come until October.

...

But based on Consumer Price Index (CPI) data through April of this year, the consumer advocacy group, The Senior Citizens League (TSCL), estimates that the Social Security cost-of-living adjustment for 2018 will be about 2.1% — significantly higher than the .03% (essentially nothing) this year.

...

This is in line with other projections as well. The CPI increased VERY little in 2016 (hence the small to no increase this year.) But as we begin to see some growth and the market basket of good that constitutes CPI (the Consumer Price Index) increases, so goes the Social Security COLA (Cost of Living Adjustment)

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 9 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986

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Lane
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Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,416
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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