5 expected Social Security changes in 2018

There are few, if any, social programs in the U.S. that are more important than Social Security, at least according to recently released data from the Social Security Administration (SSA).

Recent SSA findings show that 62% of all elderly recipients get at least half of their monthly income from Social Security, and about a third overall get 90% or more of their monthly income from the program. This reliance is exactly why the Center on Budget and Policy Priorities estimated in a 2016 study that the senior poverty rate would be over 40% if Social Security income were not there for the elderly on a guaranteed basis each and every month. As of Dec. 2016, the senior poverty rate was just 8.8%.

Expect these Social Security changes next year

Because of its importance for current and future retirees, there may be no press release more awaited each year than the October announcement from the SSA detailing the changes to the program in the upcoming year. This announcement is often made in the third week of October since the inflationary tether used to calculate cost-of-living adjustments (COLA) isn't made official until about the midpoint of October. In other words, we're roughly two weeks away from a game-changing announcement by the SSA.

What can you expect in terms of Social Security changes for 2018? While only one is a guarantee, the following five Social Security changes appear very likely.

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