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2018 Social Security Pay

The Social Security Administration has announced its 2018 cost of living adjustment (COLA) for 2018

Article By : Patrick Mansfield | U.S. Gov Connect
Delaying Social Security Pay

The Social Security Administration has announced its 2018 cost of living adjustment (COLA) for 2018. Retirees who are curious about how that will impact their financial bottom line need to check their December statements for additional information.

The COLA for 2018 increases social security payments to recipients by 2 percent, a huge increase over the 0.3 percent in 2017. It also marks the largest increase since the 3.6 percent jump in 2012.

The 2018 COLA covers more than 61 million Social Security recipients and more than 8 million recipients of supplemental Social Security benefits. The average monthly Social Security benefit is $1,258, according to the Social Security Administration.

Retirees should mark their calendars for December. That's when you'll be able to see how the 2018 COLA will impact your Social Security check.
To learn more about your future benefits, retirees should set up or log onto their online Social Security account. Check out the accuracy of your earnings history to receive your maximum benefit.

While information about the COLA will be available in December, retirees won't see the increase in their Social Security checks until January. The Social Security Administration anticipates the average increase will be approximately $25 a month.

However, an increase in Medicare premiums could offset the COLA increase for the vast majority of retirees. A provision does protect certain retirees from having their Social Security benefits lowered as the result of an increase in Medicare.

Everyone and not just retirees should monitor their Social Security benefits online, even if you have not yet begun collecting them. These online statements generate benefits estimates based on the age you will begin collecting them and include your earnings records.

Individual earnings records should be checked at least annually, according to the Social Security Administration. If you find an adjustment needs to be made, you will be required to submit your W-2 form, tax return and other documentary information that supports your wages and employment.

To check out your earnings statement, simply go to: socialsecurity.gov/reviewyourstatement.

You will be asked to verify your identity in one of two ways: Your username and password. Then, a security code will be sent to you via text or email. This verification process launched in June as a way to protect Social Security accounts from identify theft, other means of fraud or unauthorized access, according to the Social Security Administration.

The Social Security Administration mails annual earnings statements to those who are 60 years old and older who have not established an online account with the agency.

If you have an online account, you will receive an email from the Social Security Administration once a year with a reminder to check your earnings statement. These emails are sent out around the time of your birthday.
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