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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Kevin
This is bullshit because my cost of living has gone up and you take it away in the form of medicare!
Carlann C.
I have not received my notice of new benefit amount for 2018. My friends and family have received this information. Please advise
Elvira L.
after the 2.0 % cola increased and medicare 2018 increase my social security stay the same it is not fair
Larry R.
When will we receive information about our social security for 2018. with holding tax, part “B” payment etc. in the mail
thank you
Curious
‘This may help someone wondering why they didn’t get a 2% raise. Look at last year’s statement to see what you paid per month for Medicare Part B. If it was less than $134 a month, they are keeping the raise to cover what you didn’t pay.. I talked with a representative. Example: My mom should have gotten $25. She only paid $110 for Medicare Part B each month last year.So they are taking $24 to make up the difference leaving her with a $1 raise. I asked why she wasn’t paying the $134, and for some reason that has left my mind, they weren’t allowed to go up, but now they are taking it out of the raise. My husband didn’t get his full amount either. He was supposed to get $39, but they are keeping $24 leaving him a raise of $15. He wasn’t paying $134 either. I have only been on Medicare for 2 months, so got my full raise. I have been charged and paying $134. So my question now is ….at the end of 2018 when Medicare is paid back, will the $24 come back to them in 2019?
Michael D.
I did not receive my raise. My medicare insurance rose from $!09 to $125. Why no 2% raise for me but 2% raise in insurance.
Linda L.
I’ve been searching for the correct information on what my Part B premium will be in 2018. Medicare has only general information and refers caller to SSA. The local office doesn’t seem to have or be able to find the answer. And it certainly isn’t on this website. I’m on hold right now and have been for 30 minutes. It really should not be this difficult to find an answer to that simple question.
R.F.
Hi Linda, see Medicare 2017 & 2018 costs at a glance. Thanks!
Nancy P.
Is price for Plan B going up in 2018 ?
R.F.
Hi Nancy, see Medicare 2017 & 2018 costs at a glance: http://ow.ly/EpG730haVjg. Thanks!
Nancy P.
Did not answer my question. Is the price for Plan B going up in 2018 ????
Anthony R.
YES YES YES
David A.
My notice of a 2% increase shows a net increase of $5, or just .32% from my current amount! My wife, who should get half of my amount, is getting $22 more than half, with Medicare at $122 ($12 less than mine), for a net of the same $661 she currently gets. ?????