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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Myrna M.
are the statements for benefits and medicare withholding amounts being mailed out to all? If yes when, as we’ve not received ours, but a cousin has received his… and I need the mailing
R.F.
Hi Myrna, if you’re referring to the cost-of-living adjustment (COLA) notices for 2018, these letters are mailed during the month of December. Thanks!
Elizabeth B.
My husband has not received his 2018 Benefit letter and I received mine last week. I am afraid it was place in the mailbox next door and if it was he will,never see it.is there anyway you can help me. My name is Elizabeth B. High and my husband’s name is Benjamin Higjh
R.F.
Hi Elizabeth. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Also, your husband can request a benefit verification letter online by using a personal “my Social Security account”. Or he can call us at 1-800-772-1213 (TTY 1-800-325-0778). Representatives area available Monday through Friday, between 7 a.m. and 7 p.m. Thanks.
Ramnik B.
I have not received my benefit amount letter for the year 2018. My wife has already received hers with the cola adjustment
R.F.
Hi Ramnik. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Also, if you need proof you get Social Security benefits, Supplemental Security (SSI) Income or Medicare, you can request a benefit verification letter online by using your personal “my Social Security account”. Or you can call us at 1-800-772-1213 (TTY 1-800-325-0778). Representatives area available Monday through Friday, between 7 a.m. and 7 p.m. Thanks.
Tammy G.
I recently recieved a letter telling me of changes. The increase. And a decreace. I don’t understand why I was decreased to 509.00 a mo the. What’s the reason.
Jane s.
Why is it when I get my 2 percent raise am I now getting less money than before the raise? Just see, quite right.
david k.
I have been receiving $1664.00 per month. My increase is $12.00…is that a 2% increase??? My wife gets NO INCREASE????
dee
so much for my increase. Its disgusting that this government takes any increase you may receive,and increase in my medicare. this government should be ashamed of the way it treats its seniors.
nancy
i sooooooooo agree, not right
William c.
If I received $19,222.80 then paid $1,258.80 for Medicare last year for social security Benefit what should I receive this year
Phillip J.
When will the letter come out stating exactly what my social security benefits will be in the year 2018?
R.F.
Thank you for your question, Phillip. 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.
Joann A.
Have the 2018 social security benefits letter been mailed?