The Social Security Administration announced Friday, October 13, 2017, that monthly Social Security and Supplemental Security Income (SSI) would increase by 2 percent in 2018 as part of a cost-of-living adjustment (COLA).
The COLA will affect more than 66 million Americans receiving Social Security benefits. The COLA is based upon the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.
The 2018 COLA is the largest COLA since 2012, when benefits were increased by 3.6 percent. The COLAs for 2016 and 2017 were 0.0 percent and 0.3 percent respectively.
COLAs were authorized with 1972 legislation allowing automatic renewal of COLAs beginning in 1975. From 1975 through 1982, the COLAs all exceeded 5% with the highest COLA coming in 1980 at 14.3%. From 1984 through 2018, COLAs have been lower than 5% with the exception of 1991 and 2009.
As of December 2015, 899,398 Oklahomans were Social Security beneficiaries.