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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Bruce
SS is going up 2% = nothing in 2018. In the meantime, I’m on SSDI and paying supplemental through my nose. I’ve done enough research to finally understand I can drop supplemental when I want without penalty. It’s just not worth it. THIS is going to be another fallout to the GOP’s donor tax decrease (the #GOPTaxScam). And so our country continues to go down the tubes. Health be damned.
Andina M.
I am an 82 year old widow of four months and losing my husband to sudden death has been shocking/overwhelming. Since his death in August I have been to Enid Social Security office 5 times in regard to the ‘processing’ financial change in benefits with no results. What can I do to get prompt results to this situation or to talk to?
Bruce
Andina: Call your State government. I started there today when checking to see if I could drop supplemental without penalty. If you can respond and feel okay to just leave your state, I’ll dig around for someone to help you. I’m a retired computer person, so am used to digging around. I’ll bookmark this page and will check periodically to see if you’re okay and if you’d like my help.
R.F.
We are sorry for your loss and we apologize for any inconveniences you may be experiencing, Andina. Unfortunately, but for security reasons, we do not have access to personal records in this blog. Please continue working with your local office. You can request to speak with the manager to see how we can help to expedite resolution of your situation. If you are unable to visit the local office, you can call our toll free number at 1-800-772-1213, representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks.
Frances M.
Why keep asking questions I have already requested plz reply for the 2018 form—-New benefit amount thank you
R.F.
The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December.
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 my Social Security account.
Frances M.
on phone for 55 minutes never received the new benefit amount -need the form thank you -form for 2018
John A.
AARP stated law prevents Medicare premiums from cutting into Soc Security benefits, but mine is being increased from $109 to $134 month?
Barbara A.
I did not receive a Social Security benefits letter for 2018. I would like a letter.
R.F.
The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December.
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 my Social Security account. Thanks!
Charles W.
All I want to know is why I did not receive a statement this year explaining the amount I will receive in Jan of 2018 after my tax withholding and Medicare payment. Normally I have it by now. Was it lost in the mail or is it delayed this year?
R.F.
Thanks for your question, Charles. 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 my Social Security account.
Lillian M.
My new benefit for 2018 with 2% increase, will not change–why. what is amount deducted in 2018 for medicare medical insurance
R.F.
Hi Lllian. Unfortunately, and because of security reasons we do not have access to personal records in this blog. One of our representatives should be able to answer your question. You can call our toll free number at 1-800-772-1213, Monday through Friday, between 7 a.m. and 7 p.m. for assistance. Thanks!
Kenneth M.
With the 2.0% increase I will not receive any increase in
the amount I will receive each month.What is the reason?
R.F.
Hi Kenneth. Unfortunately, and because of security reasons we do not have access to personal records in this blog and cannot answer your question at this time. You can call our toll free number at 1-800-772-1213, and speak to one of our agents. Representatives are available Monday through Friday between 7 a.m. and 7 p.m. Thanks!
Judith T.
This raise is a lie. We are getting nothing. They raised mine $25 dollars and raised the part B $25. dollars so we are getting nothing. I thought there was a law saying the that prevents medicare premiums from cutting into social security benefits. My SS was raise to $1270 from $1245 and my Part B was raised to $134.00 from $109. So they raised my social security $25 dollars and then took it a was on part B.
R.F.
Hi Judith. When there is an increase in the Medicare Part B premium, a statutory “hold harmless” provision protects approximately 70 percent of Medicare Part B enrollees from paying a higher Part B premium to avoid reducing their net Social Security benefit. Enrollees not protected include higher income individuals subject to an income-adjusted Part B premium and beneficiaries newly entitled to Part B in 2018. Additionally, enrollees who have their Medicare Part B premiums paid by state Medicaid agencies will see no change in their Social Security benefit. The state will pay any Medicare Part B premium increase.
See Medicare 2017 & 2018 costs at a glance for more information. Thanks!