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.
Did you find this Information helpful?
Tags: Cost of living adjustment, Social Security benefits
See CommentsAbout the Author
Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
Comments
Comments are closed.
cheryl
it say I get nothing I get 672 month and my went medicare why bother to say any thing about raise joke
Kristie
There may be a 2% increase. I got my letter today. Didn’t do any good, the increase was the exact amount as how much they raised the Part B Premium… No help at all……
Boim
2% is not even on a par with cost of living increases. Added with the increase in Medicare part B costs, it’s less than 2%. Sad state of affairs for the vast majority of people who paid into SS.
Deborah C.
For the first time, my husband and I have not received a notice regarding the amount of increase for our social security in 2018. We have always received an update each year whether there was a change or not.
R.F.
The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Thanks!
nancy
sure got the 2.0% increase but medicare went up, so that wipes out the increase !!!!!…grrrrrr thats not right
Jim M.
Will S/S send out a letter about the monthly COLA benefit change for 2018? If so when?
R.F.
Hello Jim! If you’re referring to the cost-of-living adjustment (COLA) notices for 2018, these letters are mailed during the month of December. Thanks.
joette f.
Didn’t get 2% increase it looks like it was used to pay medicare benefit. Medicare cost was increased by the 2%. So senior citizens do not get increase to help with their cost of living.????????
nancy
i agree, the increase wipes out the medicare increase to 133
JENNELL A.
When will we receive our new monthly amounts?
R.F.
Thanks for your question, Jennell. The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2018.
Elaine M.
When can I expect the statement with the new benefit amount for 2018? I usually have received it by now. Plus I worked part time in 2016 and 2017 and contributed to Social Security. Thank you.
R.F.
Thanks for your question, Elaine. 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.
Lanny
Why did my medicare costs go up 22% when my social security benefits were only raised 2%
R.F.
See Medicare 2017 & 2018 costs at a glance for information in reference to Medicare premiums.