October 13, 2017: The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2018. According to www.ssa.gov:
“Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018.
The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018. Increased payments to more than 8 million SSI beneficiaries will begin on December 29, 2017.”
You can add the 2.0% COLA by multiplying the current award amount by 1.020.
For management staff, be sure to apply this COLA to benefits for the appropriate number of months.
Example:
Mrs. Smith would like to move in on December 1, 2017. Her 2017 gross Social Security monthly amount is $928. You will calculate her Social Security income as follows:
$928 x 1.020 = $946.56 (2018 monthly amount)
$928 x 1 = $928 (December 2017)
$946.56 x 11 = $10,412.16 (January – November 2018)
$928 + $10,412.16 = $11,340.16 (12 months)
If you have already processed files for move-in for January 2018, it is recommended that you review the household income and apply the COLA to benefits issued by the Social Security Administration since it is a known anticipated change in income.