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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frank d.
When will we receive a notice in the mail , about 2018 increase and medicare payment.
R.F.
Hi Frank. 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.
frank d.
When will we receive a notice in the mail, about the 2018 increase , and medicare cost.
Beth P.
Why didn’t I receive the cost of living increase for 2018?
R.F.
Hi Beth. For security reasons, we do not have access to personal records via this blog. 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. Generally, you will have a shorter wait time if you call later in the week. Thanks.
Jerry S.
COLA is 2% Medical costs went up more that that. Medicare went up 2%. Is this Trump’s was of MAGA and job creating? Kill off all of the old and disabled people. If you are NOT RICH, America is not longer for you. I used to be a Republican but not anymore, not since they went so far to the right and lock step behind The Donald and everything he wants. I guess it is like the working animals in Orwell’s Animal Farm, retirement is no longer an option.
Reagan M.
Have the letters for 2018 monthly payments been mailed?
Anita S.
My benefit that I received after deductions in 2017 was $572. The letter I received from Social Security says that I get a 2% increase in 2018 and tells me that my benefits on or about January 10, 2018 will be $572. Where is there a 2% increase from $572 a month in 2017 to $572 a month in 2018. Please explain this to me.
barbara
No raise in benefits for 2016 then in 2017 I got a $1 raise from $545 to $546, but they raised the cost of Medicare insurance $1 also, so there I was with no beneficial raise.
Now, I received notice yesterday that I would get a raise of $11 this year from $546 to $557. And wouldn’t you know it, they raised the cost of my medicare insurance $11 from $106 to $117. Cost of living raise is a joke, if they are going to raise the medicare insurance costm, every time I get a small ss raise.
And I am supposed to live on this? Donald trump is a Schmuck!!!
Fred H.
How much of that is going to get sucked up by Medicare payment increases (you know, like happened last year when COLA & Medicare increases equalled one another)?
R.F.
hi Fred, please visit “Medicare 2017 & 2018 costs at a glance” for information on that topic. Thanks!
Rosemary p.
Why have I not received how much of a raise I will get for 2018.my husband got his statement on Monday, today is Saturday?
R.F.
Hi Rosemary, the cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December.
Thelma R.
i just got a copy earning from soc security if it is right in stead of income raise looks like i will be getting lest i am paying out now for sulpment to help$219 ..16 tohelp out with medical bills i have work to i am 82 if i could work but i can.nt it looks like getting a cut instead of cost of living please look into thank you.