Well folks, it’s official. Social Security just announced the largest increase in monthly benefits in years for seniors. That is both good news and bad news.
- Good news is that it is an increase.
- The bad news is that it is 2.2%, or around $28 per recipient.
And there’s more bad news with that. That’s because the increase in Medicare Part B payments in recent years has offset any Social Security increase, though that isn’t going to be a problem in 2018.
The premiums for Part B will stay at $134 a month, unless you are considered a “high income earner” in which case it is even more.
And of course, there is the inevitable “demographic cliff” to consider. And that is that both Social Security and Medicacre are running out of money and are both scheduled to go bankrupt.
I have written extensively regarding this before and will elaborate on the findings of the trustees in their most recent report shortly.
So, I hope you consider this a big of good news. Enjoy it while it lasts.