More than 66 million Social Security and Supplemental Security Income recipients will be getting a raise in 2018, the largest increase since 2012.
It will result in about a $25 monthly increase for the average beneficiary.
The Social Security Administration said the 2% cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2018. Increased payments to SSI beneficiaries will start on December 29, 2017.
Social Security checks to increase in 2018
The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, a broad measure of consumer prices, the Associated Press reports. It measures price changes for food, housing, clothing, transportation, energy, medical care, recreation and education.
Last year, Social Security checks went up 0.3% and there was no increase at all in 2016.
According to the Social Security Administration, the average Social Security check is currently $1,377 a month. It will go up to $1,404 after the first of the year, a $27 increase.
You can get an estimate of your benefits using the calculator on the SSA’s website.