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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Corin m.
How do i apply for a stimulus check. Can you please get back to me and let me know the process i have to follow to receive one.
Thank you
Corin miller
Vonda V.
Hi Corin, thank you for your question. Please visit the IRS Economic Impact Payments Information Center to answer your questions about eligibility, payment amounts, what to expect, when to expect it and more. If you are unable to find the answer, call the IRS hotline at 1-800-919-9835. Thanks!
Jennifer K.
I have been locked out of my account. It said for 24 hrs, but it’s been over a week. I am waiting on an appeal and just wanted to check my status. You have no option to contact a help desk, help email or help chat. Wait time to just get an agent is over an hour and the hours have been cut due to covid.
Christine F.
I need to change my tax with holding
Vonda V.
Hi Christine, thanks for using our blog. To change your withholding, you’ll need to complete another Form W-4V from the Internal Revenue Service (IRS). You can download the form or call the IRS toll-free at 1-800-829-3676 and ask for Form W-4V. Complete and sign the form and return it to your local Social Security office by mail.
Patricia O.
I have not received my brother’s stimulus check I am his payee. What’s up with this? We have deposit information our checks go into bank every month . But now no stimulus has been deposited into account. Please what are we to do we don’t file taxes because don’t make enough . We really need the stimulus check.
Debra D.
How do I apply for homeless assistants, and can I use it to move into a home
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Ann B.
I have not received my Form 4926. I have this logged into this website before. Now the website says my information does not match and I have not been able to log in. I am locked out of the website.
Ann C.
Hi, Ann. We are sorry to hear you have had difficulty accessing your personal my Social Security account. If you are still unable to access an account or encounter a problem with your personal my Social Security account, you may:
•Call us at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 7:00 a.m. to 7:00 p.m. At the voice prompt, say “helpdesk”; or
•Contact your local Social Security office. We hope this helps.
Bob
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