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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Kyle
SLAP YOUR ASS AND SAY YOU ARENT WORTH SPIT✈️✈️✈️???????✈️
Rick
✝️ TAKE YOUR WHISTLE AND BLOW ——-WHIS /// WHIS //// WHIS//// ✝️———-
RICK
MAYB CAPABLE OF STILL DOING SOMETHING REALLY REALLY NASTIE ——: ?
AGENT P.
THAT MR RANDALL CAN GO SUCK A DICK I HOPE SOME TAKES A PISS DOWN YOUR THROAT ASSHOLE
AGENT P.
Y OU H A V ENT W ENT BY OUR DEMANDS SO WEVE BEEN PISS ING IN PEOPLE S ?Dri nks
Charles C.
How will this effect me? I elected to start my SS at age 2 years ahead of my max age. I am now 70.
Thomas M.
My name is Thomas M. Sato, *** – ** – ***.
i received my SSA-4926-SM (1-2019) with no
increase in Benefit Amount. I receive $502.00
per month. The 2019 net is t5he same. can i
have an explanation. Thank you for your time.
Aloha!
Thomas
V.V.
Hi Thomas. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums. The Social Security Act contains a “hold harmless” provision that protects most beneficiaries. The amount of the benefit will stay the same even though the Medicare Part B premium increases. For information about Medicare premiums in 2019, visit http://www.medicare.gov.
Harvey O.
I didn”t rec my new 1ss1a-4926-SM letter thisyr. My wife rec. her but not me.
V.V.
Hi Harvey. 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.
Alice D.
My question is from 2017-2018 increase, my statement did not reflect any increase. My husband got $9.00 more but I didn’t get any increase. Do you need my SS number? I can’t get through on the phone. I just noticed this when I was looking at my increase from 2018-2019.
V.V.
Hi Alice. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums. The Social Security Act contains a “hold harmless” provision that protects most beneficiaries. The amount of the benefit will stay the same even though the Medicare Part B premium increases. For information about Medicare premiums in 2019, visit http://www.medicare.gov.
constanve L.
HELLO, i DID NOT RECEIVE THE DOCUMENT THAT SHOWS HOW MUCH ss i WILL RECEIVE IN 2019. aLL IF MY FRIENDS HAVE RECEIVVED THEIRS
V.V.
Hi Constanve. 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.