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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Ann M.
If you don’t tell the WHOLE TRUTH it’s FAKE NEWS.
I just got my notice from Social Security regarding the 2018 increase. However, they took the ENTIRE increase back for the increase in Medicare premium.
My SS checks for in 2017 gave an increase of 0.3 %
increase, and they they took it ALL back for Medicare.
So no increase in my check.
In 2016 – 0% increase.
In 2015 the SS increase was 1.7% with an increase in Medicare that made my net gain 0.
Since 2007 (11years) my total gain has been $163.80,
or an average of $14.90 a year. It never even began to cover just my health insurance premium increases.
So we Seniorshave been falling back in buying power every year.
YOY SHOULD TELL THE WHOLE TRUTH.
Melody C.
What is my benefit payout for 2018?
PEGGY A.
My Benefit letter said my benefits will increase by 2.0% in 2018, but new amount stated is the same as current amount I receive
Barbara W.
In 2016 my SS payment was $614 per month after Medicare medical insurance was deducted. In 2018 I will get less per month ($604) because the Medicare medical insurance deduction has gone up to $134 per month. Nothing I can do about getting less per month. The 2% cost of living should be added after deductions. I feel this is very unfair. I do not qualify for any other government programs.
Robert B.
You say you gave us a 2 percent increase but all that was taken away by Medicare. I thought that there is a law that states you cannot increase Medicare in this manner. My wife received no increase and I received $2.00 more a month. What government gives it takes away in this case and our standard of living goes down not up. Mean time all government employees and Congress members do far better every year. Not good.
James P.
I would like to see my New Social Security Letter for the cost of living for 2018
R.F.
Hi James. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Remember, you can request a benefit verification letter online by using your personal “my Social Security account”. Thanks!
William P.
I received “YOUR NEW BENEFIT AMOUNT” that stated that every one got a cost of living of 2%. But the amount that I will receive is the same amount that received for the year 2017 why is that.
EDWARD S.
I HAVE NOT RECEIVED MY 2018 SOCIAL SECURITY BENEFIT UP DATE IN THE MAIL FOR 2018 EDWARD STEINBUCH IM 82 YEARS OLD ADDRESS 1852 BIG CRANE LOOP PORT ORANGE FL
THANK YOU EDWARD STEINBUCH
R.F.
The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Remember, you can request a benefit verification letter online by using your personal “my Social Security account”.
Just a reminder – We do not have access to personal information. Please be cautious about posting personal information on social media. Thanks!
Richard W.
Why did my part B premium increase from 104.90 in 2017 to 134.00 in 2018? I had no changes.
Elizabeth B.
When will the letters be mailed for the 2018 Benefit amount?
R.F.
Hi Elizabeth. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Remember, you can request a benefit verification letter online by using your personal “my Social Security account”. Thanks!
Judith T.
That is if you can even get on it. I t won’t take my information.
R.F.
Thank you for using our online services, Judith! If you are having difficulties creating or accessing your personal my Social Security account, please call 1-800-772-1213 for assistance. After you hear “Briefly tell me why you are calling,” say “Help Desk” for help with a my Social Security account.