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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Patsy J.
Need to get mail that shows increase in social security
R.F.
Hi Patsy. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December.
Margaret E.
We have not received forms detailing benefits for 2018; BNC# 16B1663C43863 was the form for 2017. Should we have received ours for 2018 by now?
R.F.
Hi Margaret. If you’re referring to the cost-of-living adjustment (COLA) notices for 2018, these letters are mailed during the month of December. Thanks!
Jimmy C.
Electric, garbage, food, gas, medications, auto insurance, and prophane have all increased…. So you want to say we’re getting a two percent raise, what bunch of BS. Then you raise the price of Medicare to take it all back my SS check has remained the same for the last three years. How is this fair??????
Ml t.
Disabled & selling primary ho e at 48000 profit. Wife who is disabled too both own if. Li ed hdfe 23 yes. Do we pay capital gains tax.
Thanks
Michelle
R.F.
Your question is an income tax question, and you will need to contact the Internal Revenue Service (IRS). Their toll-free number is 1-800-829-1040. Thanks!
Anette S.
I receive ss disability. Though cost of living money increased 2.0%, my monthly increase went up just $5. From 1,362 to 1,367. If Medicare cost went up then it hurts my cola.
Anette S.
My reply is above
Karen C.
I was under the impression that 2% COLA would be $29 more a month in my social security benefit; however, I received $4.00. The rest went to Medicare. Unfortunately, I will be taxed on the $29.00. The only people who saw 2% received Social Security benefit of less than $800 a month, I believe. I know insurance is expensive and I am grateful for Medicare but this is the 2nd year the COLA was taken away but we are taxed on the full COLA.
Karen
The COLA didn’t amount to much. 2% was the increase. I should have received $30 but only got $4.00 because of Medicare. I will be taxed on the $30, however. I know Medicare is wonderful insurance and I am grateful for it. However,I don’t think the COLA should show as 2%. Most people (myself included) were lucky to get $2-$4 month. Last year nothing. So anyone Social Security is way behind.
Margaret b.
How come we get a cost of living increase. Medicare goes up. We do not get a penny more than last year! Getting tired of not having anything, go without meds! Can’t buy groceries on a regular basis, Thanks to the help from our church we can get by. So much for working 40 some years and not being able to enjoy out lives like I always thought we would as seniors!
Glenna D.
When does social security send out statements on increases in Medicare and COLA for 2018…
HAROLD A.
My wife and I file as Married, filing jointly and had a very unusal income year in 2016 and therefore our Medicare Part B and Part D is extremely high in 2018. The unusual income was a commision received for consulting with a family about selling their business. It was a one time event and our income will be greatly reduced in 2017 and going forward into 2018 as I am semi-retiring. I there a posibility that the medicare costs can be reduced since our total income in 2017 will be les than $214,000.