The 66 million+ individuals receiving Social Security benefits will receive a 2 percent increase in their payments in 2018. More than 61 million Social Security beneficiaries will receive higher payments in January of 2018, and 8 million SSI recipients will get their higher payments in December of 2017. The government is responsible for analyzing cost of living adjustments across the U.S. and determining how inflation and other factors influence residents. This information is then used to calculate cost of living adjustments. Formal changes for Medicare have not yet been announced.

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