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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Larry T.
How come medicarecosts went up 29.00 ? I realized only 11.00 . Net increase not 2 percent!,!!!!!!!!
mark w.
i have no idea what happened . i don’t think i completed the process of signing up
Bonita R.
I did not receive the new benefit amount letter in the mail. My husband received his a week ago. How do I figure it so I know how much I will be getting?
R.F.
Thanks for contacting us, Bonita. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. You can 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.
Also, see “What You Can Do Online” Thanks!
teresa u.
cost of living increase only benefits insurance companies not the American retired people
Sybil B.
I am supposed to get half of my husbands SS , I am getting $10.00 less, what do I do to correct this?
Thank you
R.F.
Hello Sybil. You may contact us and request a review of your records. Please keep in mind that when you qualify for Social Security benefits on your own record, we pay that amount first. But if you also qualify for a higher amount as a spouse later on, you’ll get a combination of benefits that equals that higher amount. Also keep in mind that your benefit as a spouse can be equal to one-half of your husband’s full retirement amount only if you start receiving those benefits at your full retirement age.
Visit our Retirement Planner: Benefits For You As A Spouse for more information. Thanks!
gerald h.
the 2018 benefit amount for maria talerico ssn*** – ** – ****is wrong—–her final payment is $704.70—–that is the SAME AMOUNT AS IT WAS LAST YEAR—–it should be 2% Molre or close to it! Please Reply ASAP
gerald h.
Please Fix this ASAP!
Annette J.
I didn’t sign up for Medicare when I first received my benefits ….I have I
M
Health insurance through my employment retirement. I need to know if I’m required to do so and if so what are my premiums
Alvin W.
I just received my new social security amount of 1062.00 and medicare medical insurance of 129.00 for 2018. I don,t agree with the medicare B amount of 129.00 I thought it would be 109.00??
R.F.
Hi Alvin, please visit see Medicare’s web page: 2017 & 2018 costs at a glance for information on Medicare Part B premiums. Call our toll free number at 1-800-772-1213 if you need further assistance. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks.
Elisabeth A.
my 2018 s.s. information shows the deduction for insurance as 134. Last year I paid only 109. Is that 20+ %
increase correct ? I have the same income for 2018 as last year. Please explain, or correct. Thank you. EDR.
R.F.
Hi Elisabeth. Unfortunately, but for security reasons, we do not have access to personal records in this blog. One of our agents should be able to answer your questions about this matter. 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.
Sue P.
Why can’t you give us an answer? We all have the same problem. Medicare increase took our raise. Our property tax alone is increasing more than my raise, before Medicare took it. You call that a raise.
Barbara H.
I’m getting the same amount last year, where is my 2% raise