COLA

Social Security Benefits to Increase in 2018

October 13, 2017 • By

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Last Updated: October 13, 2017

man and woman outside smiling 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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About the Author

Jim Borland, Acting Deputy Commissioner for Communications

Jim Borland, Acting Deputy Commissioner for Communications

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Comments

  1. Nora C.

    What damn increase? Social Security Medicare took it, just like last year!

  2. Carl Q.

    Why don’t you knock off the BS and admit your lying to the public. My SS benefits went up 1.8%, not 2%. Then you boosted my Medicare by 23% so my “generous” COLA for the year, the biggest since 2012, was .05%. Lawyers and politicians, what a joke on the US taxpayer.

  3. Jacqueline H.

    I received my 2018 Benefit Amount Letter and it is showing no increase over what I have been receiving

  4. DONALD N.

    Well I just got my letter from SS today & my SS went up a WHOPPING 2%. This won’t even cover the cost of my tax increase for my property for ONE MONTH or the extra cost of my groceries for ONE MONTH. I don’t know where your figures come from. In 2016 we got ZERO raise and in 2017 it was just enough extra to cover the cost of the Medicare insurance.
    I hope that every one working for government, where you get your figures from including those in the house and senate got ZERO in 2016 & 2017 and get the same measly 2% increase in their salaries for 2018.
    BUT I’ll bet not !
    On top of that I’ve paid into SS for 60+ years and now that I’m receiving some of it back I get it ADDED as income so I pay tax on money I was forced to sent to the US GOVRNMENT.
    I know that this SS money is now just put into the general fund and not held in separate fund as it was in the past. I know that there has been major changes in SS which has decreased SS payments. I just hope my children will be able to save enough to just exist on as I’m sure that SS will be depleted by the time they will retire as the government spends it like they get it free-
    GUESS WHAT THEY DO GET IT FREE, BUT OFF THE BACKS OF US POOR WORKING STIFFS !!!!!
    The government used my SS money and didn’t even pay interest to us senior citizens for the use of OUR MONEY we were forced to shell out.

  5. Cathy T.

    We received the statemt about our 2% increase. I didn’t understand why my medicare premium is more than my husband’s this year. It seems both were raised by the amount so our bring home pay would be the same a previous years.

  6. Carol A.

    Although there is a 2% increase in ss benefits, after deductions, my final amount which I will receive, is still the same as it has been for the last 4 years. I would just like an explanation on this.

  7. ledfoot (.

    i did not get my increase letter in the mail my wife got hers 3 weeks ago and everyone else i know got their letter

  8. ledfoot (.

    i did not get my increase letter in the mail my wife got hers 3 weeks ago

  9. Walter S.

    well the good an increase the bad medicare gets most of it I ended up with $6 wow

  10. Edward J.

    What will my monthly benefit be in 2018 have not receives your letter as yet.

    • ledfoot (.

      same with me

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