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.
evelyn p.
The. Letter I received. From social security. Indicates. No. Increase in. My benefit. My husband shows. Nine dollars. His benefit. Increase should. Be thirty. Three. At. Two percent increase. Where is. The increase
Joyce H.
My husband and myself received our Social Security letter today for next year 2018, and we thought we would be getting a 2.0 % raise. It did not happen as it stated we are getting the same amount that we have been getting the last few years. Will there be another letter coming showing us the 2.0 % increase?
Bob S.
People this is going to happen the same way the next 3 years. Little increase and will go to the medicare premiums /.
Bob S.
Anybody else agree ???
Angela B.
Yes this is a joke
Bob S.
You are right about this Bob
Bob S.
How great is this?? A 2.1 % raise in SS and a
2 % raise in Medicare Premiums and leaves me with a 0.01 % raise. Some changes need to be made. This system is not working.
VICKIE L.
AARP made a statement in their December 2017 flyer that, “if you are on Medicare and collecting Social Security (which pays your Part B premiums) you’ll likely pay $109 a month for 2018 because of a law that prevents Medicare premiums from cutting into Social Security benefits.” Well I am on Medicare and Social Security, and my monthly premium went to $134 which gave me a $2 a month raise….. Apparently AARP doesn’t know what they are talking about.
Carolynne F.
I just got my 2018 SS Benefit Letter which clearly stated I’m getting the same amount into my account in January 2018 (as was 2017), but my MEDICARE amount has increased. So there’s where my 2% went, right? The Gov’t will get you every time. There’s no free lunches my friends; we all should’ve had a personal retirement account to SUPPLEMENT our SS! We can just blame us. The Gov’t is not here to be our Nanny! #SHOULDHAVEBEENSMARTER
Charles A.
I thought I read there would not be an increase in Medicare. Mine increased from $110 to $134 nearly wiping out my 2% increase. Is this accurate or an error?
Maryann M.
I hope someone cares enough to read these comments.