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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DENNIS J.
yes they say were getting an increase in our ssi but then why are they rising the cost of medicare and then we end up with nothing i don,t understand all of this
Mike K.
When will the 2018 SSDI statements be mailed out? I have not received mine to date (12/11/17). Thank you.
Patsy R.
I need hard copy of my 2018 benefits
Cynthia P.
I now am have reseved S.S.D. for last 9 years I have been told I will never work I have apployed for a F.H.A. loan to buy the home I live in. They asmed me today for a paper to prove I will get my s.s.d. and widow pension cks for next 3 yrs do I ask social sercity for this????
Curious
Needing answers….My mom did not receive 2% income increase and neither did my husband. She only received $1 over last year and my husband only received 1/2 what he should have. Has there been a mistake in calculation? I also know of another person that did not get a raise at all. I thought this was 2% across the board.
Deanna
My husband and I both received our SS 2% increase letters last week. He received an increase…I didn’t and am wondering why? I thought everyone got an increase?
Dan a.
Why can’t the SS office be honest with us. My wife just got her statement of what she will receive – it is just exactly the same as she received actually 2 years ago – you have just taken the 2% increase and hiked the medicare holding by the 2% she (and all of us) was to receive. No one will receive a cent of additional buying power in spite of what your claim is. At least tell everyone how they are going to get screwed by the SS once again.
Kevin
That’s correct were getting screwed!
victor b.
I thought there was a rule that prevents medicare premiums from cutting into SS benefits.
My new Medicare prem. is $134.00, last year it was $110.
My ss increase for 2018 is $38.00, my medicare increase
is $24.00..Leaving me a $10.00 increase or .05% increase
Is this correct? I would appreciation of the law on this matter. victor bromberg: Vbromberg1@cox.net
SS#*** – ** – ****
Donald R.
Why did my Medicare Part B go up to $134.00 from $109.00. I thought I was covered by the “forgiveness” thing? I’m 79 and will be 80 in January. Three times in the last several years we didn’t get a COLA. In 2016 we didn’t get one and for 2017 I didn’t get one either. The increase in my Part B or D ate up the small increase I got, so my Social Security check was exactly the same, right to the penny, as it was the year before. So, in the last 3 years, my Social Security check will have gone up by $8.00 in January. My AARP Healthcare Supplemental Insurance goes up more than that per month every year. There is no way we can keep up with the cost of living at this rate. We pay for the governments BIG wages and benefits, but they can’t take care of us? I doubt if I’ll get a reply from anyone. This is probably just a site for us to vent and maybe suppose to feel better. Fat chance of that happening.
Sharon L.
How much of a raise will social security get in 2018?
R.F.
Hi Sharon. Monthly Social Security and Supplemental Security Income (SSI) benefits will increase 2.0 percent in 2018. See more at https://www.ssa.gov/cola/. Thanks!