Social Security Benefits to Increase in 2018
Reading Time: 1 MinuteLast Updated: October 13, 2017
When we announce the annual cost-of-living adjustment (COLA), there’s usually an increase in the Social Security and Supplemental Security Income (SSI) benefit amount people receive each month. Federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).
The CPI-W rises when prices increase, making your cost of living go up. This means prices for goods and services, on average, are a little more expensive. The COLA helps to offset these costs. As a result, more than 66 million Americans will see a 2.0 percent increase in their Social Security and SSI benefits in 2018.
Other changes that will happen in January 2018 are based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax will increase to $128,700. The earnings limit for workers younger than “full” retirement age will increase to $17,040 and the limit for people turning “full” retirement age in 2018 will increase to $45,360.
You can find more information about the 2018 COLA here.
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Tags: Cost of living adjustment, Social Security benefits
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Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
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Bertha d.
My name is Bertha de las Pozas and I have NOT received the letter with my Benefit Amount for the year 2019. Pleae check and advise
Bertha de las Pozas
V.V.
Hi Bertha. Most beneficiaries can check out their COLA notice in the Message Center of their my Social Security account. You will also receive this COLA notice by mail in December. The mailings are staggered. In the future, you will have a choice of online or paper notification.
For more details, check out our Cost-of-Living Adjustment (COLA) Information web page.
Roger W.
I can’t find my social security benefit for 2019. I would think that it would be easy!
Maria F.
I have a retirement pension and VA disability checks, will those count against me as income over $17,040?
R.F.
Hello Maria, the $17,040 is the earnings limit in 2018, for individuals under full retirement age that are receiving Social Security retirement benefits.
Some people may have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits. For further income tax questions, you will need to contact the IRS. Their toll-free number is 1-800-829-1040. Thanks!
Jaimie
KILL EM OFF
MindyW
DOES ANYONE ELSE GET CONSTANT (NEGATIVE) feedback of what )you( maybe trying to accomplish in life . —-
Mindyw
. A friend ( isn’t ) A friend when they look upon you with negative thoughts or change ( your ) way of thinking to the way that they want you to think like they do (opposite ) why do people always have negative thought towards ——— like they want you to agree with there thoughts & nothing else like putting /something/ in there head—-until death doeth them part——
Catherine L.
Letter from the SSA indicates in 2019 that my social security check decreases by over $50.00 a month… How can this be.. I don’t understand.. The letter says it was based on 2017 income. 2017 income was abnormal in that it reflected sale of a house ..not sure what the basis is for reduced social security.
R.F.
Hello Catherine. The only thing that comes to mind is that when you have higher income, the law requires an adjustment to your monthly Medicare Part B (medicalinsurance) and Medicare prescription drug coverage premiums. Higher-income beneficiaries pay higher premiums for Part B and prescription drug coverage.
Unfortunately, and because of security reasons we do not have access to personal records in this blog and cannot answer your question at this time. One of our representatives should be able to provide you with an explanation. Please call our toll free number at 1-800-772-1213 for assistance. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later during the day or later in the week. Thanks!
Catherine L.
Letter from the SSA indicates in 2019 that my social security check decreases by over $50.00 a month… How can this be.. I don’t understand..
Rick k.
DOING THAT NASTY THING : —
RICK K.
WATCH PEOPLE GO NUTZ