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.
William W.
Why did my MEDICARE premiums increase for 2018? My family income less than 100,000 before taxes.
Linda S.
I received my new social security statement in the mail for 2018. I know we are suppose to get a 2.0% increase but MINE is the SAME as it has been for years. WHY?/ MY FRIENDS GOT THE INCREASE.
Linda A.
hi received my social security paper for 2018 said I got 2% raise, the money went to medicare, and I am not getting that raise, my friend said he got a raise, my husband never received his paper, and my sister and her husband, how come they say there is a raise cause of the cost of living, and I didn’t get my raise, help, linda
Nancy M.
for 2 years i havnt gotten a raise when others have.
DBP
Why have some people received their 2018 benefit letters and other haven’t. I even have friends where one member of the couple got their but the other didn’t. When are we going to get them?
Dan M.
I believe I just got censored, wouldn’t print my blog. To sum it up: Mr. Borland is only addressing the easy ones (that he says are good questions).The US government is corrupt, does anything it wants, when it wants. Getting out and voting is not going to change anything, when such outrageous acts such as lobbying acceptable and legal. (isn’t that like accepting bribes? (U scratch my back, I’ll scratch yours) and the need to dismantle the electoral college system, popular vote only, majority wins. election.
Donna T.
My benefits increased then was lowered by Medicare.
Laura C.
I just got my “New Benefit Amount” paperwork in the mail yesterday. I will not get to see any of that “HIKE”. My Medicare went up from $107.00 a month to $122.00. Took every penny of my RAISE! I will be getting the same thing next year as this year.
John V.
It is amazing that we only get a 2% increase in COLA and you basically wipe out our increase with a $25.00 per increase in Medicare Part B. Which in reality only gives a COLA increase of $5 per month.
Dan M.
yes I have a comment. My SSI is small at $1,078 a month. A 2% increase would be another $,21.56 which would help me out a lot. Do you know how much of that increase is being added to my check? nothing, probably because of an increase in the amount being taken out for my insurance cost.which I greatly need and am dependant on. and that’s the inflation that is eating me and other lower income people away. in 2018 my monthly check will be the same $1078. im sure the more well off people will get an increase, as always. So my comment to who ever send out these worthless statements should even bother a postcard saying F*** Y** .would do
Michael J.
I have not rec’d my 2018 letter of New Benefit Amount. My spouse rec’d hers a few weeks ago and both of our letters usually arrived on the same day. How may I obtain my letter?
R.F.
Hi Michael, the cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December, so please continue to look out for it in the mail. Thanks.