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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Kaleigh g.
My account had changed in between the firat stimulus and the last one. I have been receiving disability payments to the new account but the stimulus went into the closed account. What happens now and how do I receive my payment if I dont file taxes and all my benefit information is updated? Will social security let them know of updated accounts that they have on file?
V.V.
Hi Kaleigh, thanks for using our blog. The Internal Revenue Service (IRS), not Social Security, issues the Economic Income Payments. Social Security cannot answer EIP questions about your specific situation. Check out our Social Security and Coronavirus web page for more details. We hope this helps.
George A.
Where is my stimulus payment?
V.V.
Hi George, 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!
Penelope C.
everyone around me has received their stimulas check but me, is there are problem. Thank You Penelope C. Phillips shera1952@aol.com 202 S. Third St. Geneva, al.36340
3347238282
V.V.
Hi Penelope, thanks for using our blog. The Internal Revenue Service (IRS), not Social Security, issues the Economic Income Payments. Social Security cannot answer EIP questions about your specific situation. Check out our Social Security and Coronavirus web page for more details. We hope this helps.
Tammy A.
I would appreciation, your assistants on my
Stimulus Check. I have not received my stimulus check for $600.00 and everyone around me has received theirs.
Thanking you in advance for your assistance.