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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Georgia K.
My spouse, who receives SSDI, got a COLA increase but I get SSI and did not get one. WHY?
R.F.
Hi Georgia. 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, representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks!
Doreen B.
I need to set up an appointment in San Mateo California. The wait time on the phone is over one hour. Is there faster way?
R.F.
Thank you for your question, Doreen. Some of our local offices do offer walk-in appointments; however, these appointments are on a first come, first serve basis. Remember, many services, including applying for retirement, disability and Medicare benefits, requesting a replacement Medicare card, or reporting a change of address are conveniently available anytime at our website. When you use your personal my Social Security account, you can click on “Ask a Question” or “Talk to an Expert” for a call back.
Generally, when calling our toll free number at 1-800-772-1213 (TTY 1-800-325-0778), you may experience a shorter wait time if you call late during the day or late in the week. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. We hope this helps!
Patricia S.
Is President Trump going to give people on SS more than the 2. I seen it on facebook this morning.
Cookie D.
I am 70 and I got my raise. $32.00, then thy raised my medicare by $30.00. So I ended up with only $2.00. How does this help. Why did they take my raise. I pay Kaiser for my medical insurance and they raised their monthly to me by $20.00. Now I’m in the hole by $18.00. Nobody explained that to us on Social Security.
Smith
I did get a 2% raise in SS pension, but they raised my
Medicare cost 23%, even though I have never filed a
claim or used Medicare. So, that amounts to them giving
pennies with one had while their other hand take dollars from me.
Is this their idea of “new math” for us seniors?
Margaret S.
My husband and I both received our projected statement for 2018.. Both of us showed the same amount we received in 2017.. Wasn’t there to be an increase?
Andrea G.
I received a statement regarding new benefit amounts and I see there is no increase from last year. Why not?
B s.
Because Medicare raised 30% I now will receive less in 2018 on my social security check. But all those wealthy will benefit greatly. We will soon no longer have a middle class…..it will be the rich and the poor.
Smith
Welcome to “socialism”, they make
promises, but take from us to give to
“illegals”
Seen i.
I Make the same as 4-5 yrs ago. Each time we are given an increase, they increase medicare fees exactly the same amount. They could give us a 50% increase and I am sure they would say Oh funny thing, that extra is exactly what your medicare cost has been increased by.
They sure do give it to us.
Smith
You were lucky, they gave me 2%, but
charged me 23% more.
Wonder
When looking at the Social Security raise of 2% for 2018, I am wondering why my husband and I both didn’t get the full 2% increase for 2018. I cannot find a reason for the raise reduction.