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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Robert s.
I need a copy of the 2018 social security benefit award letter that is sent out yearly .Have not gotten it yet I need it to satisfy a requirement to Tower Watson’s one exchange for a monthly reimbursement to my checking account
R.F.
Hi Robert, the cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Thanks!
Robert
I usually receive my form BNC#:15B1071D10921 “Your Benefit Amount” in November. As of Dec 2, 2017, I have not received it. I tried a search but got nothing.
R.F.
Hi Robert, if you’re referring to the cost-of-living adjustment (COLA) notices for 2018, these letters are mailed during the month of December. Thanks!
JOHN M.
WHY CANT WE ON SOCIAL SECURITY GET THE REAL COST OF LIVING IN CEASET LIKE OTHER PEOPLE DO?
Jimmy
Need at least 10% to bring us up to par.
Rita L.
When will we receive our 2018 award letter for social security ? and I was on disability do I have to come there and change to SS.. I turn 65 in May 2018… Why give a raise when you take it all we cannot even afford cat food any more to replace human food
R.F.
Hi Rita. First, the cost-of-living adjustment (COLA) notices for 2018 are expected to be mailed during the month of December. Also, when you reach full retirement age, we will automatically convert your disability benefits to retirement benefits, you don’t have to visit the local office. Full retirement age had been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959. If you have more questions, please call our toll free number at 1-800-772-1213, Monday through Friday, between 7 a.m. and 7 p.m. and speak with one of our representatives. Thanks.
Robert G.
When will the 2018 Social Security Benefits letter effective 01/01/2018 through 12/31/2018 be available?
James B.
I am a bit confused. I turned 66 in Nov 2017. Is there a limit I can earn without being penalized if I start drawing benefits. I read that the limit for people turning “full” retirement age in 2018 will increase to $45,360. I earn $75.000 per year and want to draw ss and continue working
R.F.
Hi James! If You Were Born Between 1943 And 1954, your full retirement age is 66. If you reach your full retirement age in 2017, the limit on your earnings -before the month you reach your full retirement age- is $44,880. If you work and are full retirement age or older, the amount you make at work will not affect your Social Security benefits, no matter how much you earn. Please read our publication “How Work Affects Your Benefits” for more information. Thanks!
Jim
I applied for benefits beginning in Dec 2017. I did not know at that time I would be penalized for my earnings for the first ten or eleven months of the year. That in mind, I made about $60,000 in the first ten months of the year or $66,000 in the first 11 months.. Losing $1 for every three earned would cost me $5000 to $7,000 in benefits. Could I delay my benefits until Jan 2018 and avoid this penalty?
Sylvia D.
It’s 11/30/17 and I haven’t received my reward letter. Have those gone out yet?
R.F.
Hi Sylvia! The cost-of-living adjustment (COLA) notices for 2018 are expected to be mailed during the month of December, so please continue to look out for it in the mail. Thanks.
beverly b.
I need to see my 2018 benefits. I did not receive your statement in the main before my birthday. I need it to apply for other benefits. thank you
R.F.
Good news, Beverly! You can get your personal Social Security Statement online by using your my Social Security account. If you’re referring to a “benefit verification letter” for 2018, please call our toll free number at 1-800-772-1213. Representatives are available Monday through Friday, between 7 a.m. and 7.p.m. Thanks!
Fred C.
When will the 2018 SS Benefit statements be mailed?
R.F.
HiFred! Thanks for your question. The cost-of-living adjustment (COLA) notices for 2018 are expected to be mailed during the month of December. Thanks.
Susan G.
Some people are praising trump for the increase is that true