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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adelardlabranche
why did my icrease go to medicar and no increase in my take home pay this is third yearin a row that my take home has increased
Dulcia D.
How can I find out who voted to put the COLA in the Medicare premium?
Elizabeth G.
I start receiving social security benefits February 2018, will I receive the 2 percent raise, also.
baker
First of all there has been no raise, as medicare was raised to take the entire amount.
Secondly, there has been no raise for numerous years, except for the government employees and congress……………..so, shame on you. Who are you trying to fool? Certainly not the SS recipients. Sounds like typical government BS.
Robert K.
I have not received a notice of what my Social Security will be in 2018.
R.F.
Hi Robert. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Thanks!
Bertha M.
I would like to know why I am not receiving the full 2 percent increase in my Social security check I am and was paying 134.00 per month for Medicare.
R.F.
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. One of our representatives should be able to provide you with an explanation and answer your questions about this matter. 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.
Vivian P.
When will we receive our letter informing of ss increase and medicare payments. Other people already have them.
R.F.
Thanks for your question, Vivian. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December.
Sharon W.
Why don’t you say at the same time that any increase in Social Security will be offset by an increase in Medicare Part B premiums?
Mary J.
When will the notice re: increase be sent out?
R.F.
Thanks for your question, Mary. 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.
Mary A.
I got my 2018 benefits form recently and it showed no increase in the final amount – it is the same as last year even though the printed matter stated that there would be a 2% increase. Is the benefit form incorrect?
R.F.
You will have to speak to one of our representatives, Mary. We do not have access to personal records in this blog and cannot answer your question at this time. Please call our toll free number at 1-800-772-1213, Monday to Friday, between 7 a.m. and 7 p.m. Thanks!