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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Elizabeth J.
How do I find out if there is a reason I haven’t received my 2018 SS benefits paper?
Elizabeth J.
How do I find out if there is a reason I haven’t received my 2018 SS benefits paper?
R.F.
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.
TM
How is my Medicare Medical Insurance premium calculated? It increased for 2018?
John O.
Have not received social security benefit increase statement yet. Everyone that I know has gotten theirs.
patsy m.
I have not received my benefit letter for 2018 and I need it for jan.2018
R.F.
Hi Patsy, 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!
patsy m.
I have not received my new benefit amount paperwork for the year 2018
TU, T.
I received $ 901 from SSA. Right now my benefit will increase by2.0% on 2018 , but I still have $901.00 on JANUARY10,2018 .
Please help me to find out .
THANK YOU
R.F.
For security reasons, we do not have access to personal records in this blog. To speak to one of our representatives, 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. Generally, you will have a shorter wait time if you call later in the week. Thanks.
Brenda R.
Question about cost of Part B: On the recent benefit statement I noted the deduction on Part B will be $134. In the AARP Bulletin, vol. 58, no. 10 the article on Medicare 2018 stated “If you are on Medicare and collecting SS you’ll likely pay $109 / month for 2018 because of a law that prevents Medicare premiums from cutting into Social Security benefits”.
I would very much appreciate clarification on what the correct deduction for Part B will be. Thank you very much.
R.F.
Hi Brenda. For information on Medicare Part B premiums, see “Medicare 2017 & 2018 costs at a glance“. You can speak to one of our agents, by calling our toll free number at 1-800-772-1213. Generally, you will have a shorter wait time if you call later during the day or later in the week. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks!
Robert S.
I don’t understand why if I will be receiving a 2 percent increase that my Social Security amount that I will be getting in 2018 including my wife’s are the same amount I am receiving as of right now.
R.F.
Hi Robert. Unfortunately, but for security reasons, we do not have access to personal records in this blog. 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. Thanks.
Nicholas l.
Can I get a copy of my 2018 benefit amount.
I never received a copy in mail.
R.F.
Hello Nicholas, 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.
joyce r.
new benefit amount does not show increase