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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debi
I just received my benefit letter. I’m on disability and it states that I will received a 2.0% increase however the increase all went into my medicare deduction and not in my pocket. There might be increases but not to benefit those on a tight budget. I haven’t seen an increase in my month end in 3 years!!
mary l.
How can anyone say SS got a raise, when it all went to pay for Medicare. I don’t call that a raise . It was a swap
taking away from one thing and giving to another.
Robbing the People to pay more to the Government .
Is this what is going to happen to the TAX BILL. we. the People will be getting less and someone else will be getting more
debi
I agree!! Not helping us out at all.
sandra r.
what will my medicare premium for 2018 be?
R.F.
Visit http://www.medicare.gov for this and other Medicare related information. Thanks!
H R.
When will we receive the 2018 New Benefit Amount Letter? The letter that tells us “How Much Will I Get And When”? The monthly amount less Medicare medical insurance and the Net balance .
Please advise…thank you,
R.F.
Thanks for your question. If you’re referring to the cost-of-living adjustment (COLA) notices for 2018, these letters are mailed during the month of December.
Teresa B.
I am trying to help my mother figure out if she is losing benefits. My father passed away last year so she get his Benefits now which are more than hers. She also pays monthly for Plan F through United health Care. Her monthly income is about 1780.00 My questions is she losing prescription drug coverage with Medicare? Does she have to buy another supplemental plan for prescriptions?
R.F.
Hi Teresa. Please contact Medicare directly, to obtain information in regards to health plans and medical coverage. Their telephone number is 1-800-MEDICARE (1-800-633-4227). Thanks!
Sara E.
I’m confused, I received a statement in the mail from Social Security showing a 2% increase in benefits. However it looks like Medicare medical insurance also
increased, but more than 2%. The monthly benefit
stayed the same. Is the Medicare Medical Insurance the
same for everyone? Why did the Medicare Medical Insurance go up more than 2%. Thank you,
Sara Blansett
R.F.
Hi Sara, the Medicare program, is managed by the Centers for Medicare & Medicaid Services (CMS). See Medicare’s “2017 & 2018 costs at a glance” web page for information related to Medicare’s premiums cost. Thanks.
clara f.
I received my social security benefits estimate for 2018 noting an increase. However, my amount is the same as 2017. Why is that. Please answer. Thank you.
Clara Ferrante
R.F.
Hi Clara. 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. Please call our toll free number at 1-800-772-1213 and speak to one of our agents. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will experience a shorter wait time if you call later in the week. Thanks!
Jerilynn Q.
Social Security 2018 Proof of Payment Premium.
When can I expect to receive?
Mickey R.
I thought people on Social Security were supposed to get a 2% increase starting in January 2018. My wife and I received our notification statements today and I am only getting less than 1% and my wife nothing. Why??
Shari B.
For the past two years I’ve gotten the letter from SS saying that I got a raise but my monthly check has not changed one dime. Why?
R.F.
Hi Shari! For security reasons, we do not have access to personal records in this blog and cannot answer your question at this time. Please call our toll-free number at 1-800-772-1213 and speak to one of our agents. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. You will generally have a shorter wait time if you call later in the week. Hope this helps!