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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Judith W.
I lost my letter about new benefit for 2018 due to being in the hospital. Please send me a notification of my monthly benefit for the year 2018 *** – ** – ***
Lois B.
2% cost of living is wrong because Medicare part B took all the money therefore we did not get a cost of living raise
Diane P.
I’m really upset mine is the same as the past 2 years. I’m on SS disability. My ck is $730.00 my husband is $681. We had trouble paying our bills. This past year i have been refuse service as I owed on my Dr. bill , I’ve been turn over to collections. Time we pay a house not and power bill, there is very little left as because the cost of every thing. But yet my check stays the same.
Lykrecia B.
Why didn’t I get an increase for 2018
Merry A.
Why would I have not gotten a raise for 2018 as everyone I know did.
I did not receive one last year either on social security.
Roxiann D.
My new ssa payment is the same as last year but, statement states I will have a 2.% increase . What is the reason for this?
Jean Y.
Why are they always bragging we are getting 2.0 increase ,but they don’t say they are increasing our Medicare insurance $25.00 that cancels the 2.0 raise WHO DO I SEND MY THANK YOU NOTE TO ?HA!HA! HA! HA! I can’t stop LAUGHING
Clarence N.
Why is the deduction for Medicare 2018 higher for mine and less for my wife? Mine is $134 and my wife is $120?
R.F.
Hi Clarence. Unfortunately, and because of security reasons we do not have access to personal records in this venue and cannot answer your question at this time. One of our representatives should be able to provide you with an explanation. Please call our toll free number at 1-800-772-1213 for assistance. 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 during the day or later in the week. Thanks.
SS
Well Ray, why not give a general reason to his question?
Mine is the same problem, and I
did call your number, and was told
the average waiting time would be
1:20 hours.
Elizabeth L.
same here!!!!! why do you have this Q&A when you can’t give a reason—even some kind of general answer.
Mary K.
I have not received my 2018 SS monthly amount yet via mail?
R.F.
Hi Mary! The cost-of-living adjustment (COLA) notices for 2018 are mailed during the month of December. To request a copy, 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.
Keep in mind, 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.
Mary V.
My SSI is $ 880.00 , how much does it go up with the 2%