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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Rena G.
Also, I looked up what was supposed to be the increase but seems like that was a misprint!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Rena G.
Who is cheating who?
Rena G.
why don’t we get an increase in our SS benifits this year? I thought we were to get a $27.00 raise in 2018. What happened to it? Who is getting all the raises? Goverment employees so we can live in the poverty level?
Meera C.
why is my medicare medical insurance premium went up
to $130.00 .
R.F.
Hi Meera. Unfortunately, but for security reasons, we do not have access to personal records in this blog. Please call our toll free number at 1-800-772-1213, and ask one of our agents to assist you. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks.
Helen m.
Why is my check not getting an increase
R.F.
Hi Helen, we do not have access to personal records, please call our toll-free number at 1-800-772-1213, for assistance. 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 day, or later in the week. Thanks.
Sharon K.
how much is the 2.0 percent increase in dollars
Sharon K.
how much is the 2.0 is in dollars?
jane s.
I received a 2 dollar raise. Just How am I going to live on a 2 dollar raise. Why did medicare go up 25 dollars..
I thought president trip said medicare would not go up. I started working wham I was 15 years old and medicare was taken out all this time.
Herb S.
I can’t find how much of that 2.2% increase I get to spend as CASH and what percent is taken out for Medicare increase. That appears to be kept silent.
Lynn E.
I was under the impression that our Social Security benefits would increase in 2018 2%. Just received my statement and I get no raise and the same as I have making for the last few year’s. This is absolutely terrible for those who
only have Social Securty for an income.
m. w.
It is amazing how you start out with sounding so concerned about the cost of living going up for us and you want to help us. But You are all jerks and my congress men and women will hear too. Don’t put that kind of spin on it when you are going to take every penny of the increase for medicare. Did you happen to realize that our supplements would most likely go up too. I have had to take from savings every year for the increases that are beyond my own choices. I worked my duff off for years and paid in more money then I will ever see from you all. And I still pay hundreds of dollars in taxes. You can say all you want but you only care about pleasing the upper ups. That is a sad lot for who we are as a country. We are a sad mess and not a light on the hill for anyone in this world. May Jesus Christ come! He was not a doormat and I am not either!