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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Madge H.
Farce because Medicare insurance premiums increased by same amount, so I will get no increase in what I actually receive each month!
Thomas W.
My wife received her 2018 Benefit statement 2 weeks ago and I have not received mine yet. When will it come?
R.F.
Hi Thomas, 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. Remember, 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!
Thomas S.
Just build one less ship,or airplane and it will give the seniors a just needed raise. These Items cost $800,000
or one billion to build, just think about it
Smith
Or maybe cease all the foreign aid.
Maybe we seniors could apply for it?
HILDA H.
LOOKING OVER A LETTER I RECEIVED REGARDING THE INCREASE OF BENEFITS BUT AT THE SAME TIME THE MEDICARE WAS INCREASE BY $30 PER MONTH FROM $104.00 THAT IS WHAT I WAS NOT EXPECTING.
PLEASE LET ME KNOW WHEN DID THAT INCREASE.
THANK YOU
R.F.
Hi Hilda, please visit http://www.medicare.gov or see “Medicare 2017 & 2018 costs at a glance” for information on this topic. Thanks!
Ron F.
Why hasn’t my wife received a COLA notice for increase in benefit? I received mine; but my wife hasn’t.
R.F.
Hi Ron. The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. Remember, if you or your wife 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!
Anne C.
For several years I have not gotten increase on SS benefits everyone that I know had an increase now for 2018 I only receive 2.00 monthly I worked 63 years of my 84 years of life and made good monies why do I get so small amount I also have 29.00 a month increase in Medicare insurance , Except, I still cannot get benefits for cataract surgery am 80 or more percent blind SS tells me I should not have a 134.00 deduction and this should be added to my monthly check not deducted I cannot afford food and rent have to do without one or the other I have 2 deceased spouses one passed before SS age I cannot benefit from either so what happened to that money I personally know people and a relative who has never worked YET THEY HAVE BETTER BENEFITS than I do and receive more monthly WHY IS THIS !!! WHY CANT I get ASSISTANCE as they do ??? ( Anne Cannon 770-255-8473 txt and voice only means of communication Email doesn’t work)
Gabriel N.
I received my notice of an increase in my benefits. However my pay remained exactly what it was in 2017. I do not understand how this can be. Please explain
Gabriel N.
I AM WAITING FOR A RESPONSE
QESTION. WHERE WAS MY 2%
INCREASE????
THANKS
R.F.
Hello Gabriel.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. Please call our toll free number at 1-800-772-1213 Monday to Friday between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call late during the day or late in the week. Thanks
Lawrence D.
You forgot to mention that 75% of the increase will be held to pay for medicare. So if you’re lucky you might see a half of a per cent increase in your monthly check. Some will see no increase in their monthly check.
Angela B.
I still have not received my statement yet for 2018 can you please tell me when I will receive it.
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.
John W.
Do you think the Government will be able to survive since my Social Security check will give me $24 more for the year of 2018. This is a joke. COLA is Cost of Living Adjustment, right ? Other than Medicare increasing, I think, no I know my cost of living will be a little more than $24 this year………insulting.