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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Gloria
How is the amount of part B Medicare determined? Why are people who pay no penalties charged different amounts? Shouldn’t we all pay the same amount if we pay no penalties?
Gloria
Why did my part B Medicare go up from $109 in 2017 to $134 in 2018 ?
R.F.
Hello Gloria. We do not have access to personal information in this venue, therefore, we cannot answer your question at this time. You can call our toll free number at 1-800-772-1213, and speak with one of our agents. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later in the week.
For information on Medicare premiums, see “Medicare 2017 & 2018 costs at a glance“. Thanks!
Nancy A.
NancyAdair328@yahoo.com
R.F.
Just a reminder – We do not have access to personal information, therefore, we do not do direct messaging in this venue. Please be cautious about posting personal information on social media and communicating personal information via email. Thanks!
Sheila p.
Why is my Medicare B premium being increased to$134.00? I am 83 years old, I thought the premium was not supposed to increase. So my Social Security benefit will now increase by $1.00!
Please respond.
R.F.
Hi Sheila. See “Medicare 2017 & 2018 costs at a glance” for information on this topic. If you need further assistance, please call our toll free number at 1-800-772-1213, representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later in the week. Thanks.
Jim M.
The Medicare 2017 & 2018 information doesn’t explain how the medicare premium went up so much more than the COLA or who we can blame for the increase.
Walter B.
“Your new benefit amount” notification has not been received for 2018. My wife’s notification has been received.
Thank you.
Walter E Baggs *** – ** – ***
Mary P.
I received a letter from social security last Friday showing my 2% raise, it showed that I will draw less this year than last year.w here is my raise.
R.F.
Unfortunately, but for security reasons, we do not have access to personal records in this blog. Please call our toll free number at 1-800-772-1213, representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later in the week. Thanks.
Virginia L.
Why is it, if there’s a 2% increase, that my benefit remains the same amount as last year?
Nancy M.
why dont i get an increase in my widows pension
R.F.
We do not have access to personal records in this blog. Please call our toll free number at 1-800-772-1213, representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later in the week. Thanks.
Martha M.
My question is whether the amount of my increase will be taken right out of my foodstamps. I haven’t received any increase in years because of that and the price of food has skyrocketed more than any time in my life!
Fred D.
I didn’t receive my form SSA-4926-SM