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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raymond b.
WERE THE HELL IS MY RAISE YOU TOOK THE BIG 2%RAISE PUT IT ALL ON MEDICARE I GET THE SAME NOW AS I DID BEFORE THE BIG BULLSHIT RAISE GETING SOCIAL SECURITY IS LIKE GOING TO THE DOCTOR TO GET YOUR PROSTATE CHECKED ONLY THE DOCTOR USES HIS FINGER. PLEASE NO MORE RAISES IM TIRED OF BENDING OVER
Ute M.
Trying to find out how high the premium will be for
Medicare Part B in 2018, based on my current (2017) income of $2059./month.
Peggy A.
My husband got an increase but I didn’t. Wondering why.
kathleen g.
i will not receive the new benefit for 2018 according to the social security letter . why???
Ila D.
why in hell does Medicare keep taking more and more money from us every year, we get a raise and they just take it.? how are we to make it?
Donald J.
2015, received 979.00 monthly
2016, received 969.00 monthly
2017, received 972.00 monthly
2018, will receive 969.00 monthly.
In 2018, I will receive $10 less a month than 2015 and same amount as 2016 !
I know medicare is a factor, but I can’t understand this.
This is our main income for two. Hope I don’t have to opt out of insurance to get an check increase to
pay bills. Thanks goodness, so far I never get sick !!
Janice C.
When will the award letter come to see changes?
Linda C.
my check for 2018 not correct
Jessica F.
Yes i am just wondering when will I get my letter saying that my disbilty check has gone up I need it sent to me soon
Susan H.
If there is a COL increase in 2018, will the government do like it did in 2017 and increase what I pay for Medicare the exact amount of the increase? If that’s the case, don’t bother with the increase as it won’t help me with groceries, housing cost, gas, utilities, clothes, medicine, dental expenses, glasses or supplemental insurance (which also goes up yearly). That was a big joke to us MIDDLE CLASS people that pay those decision makers salary and benefits that they get for LIFE.