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. Thomas D.

    I recently received my Social Security statement,
    and the monthly amount increased to $916.80.Will
    this amount remain the same,or will SS deduct
    additional funds?

  2. Karen

    we may have gotten an increase but the money didn’t hit our pocket. It went to our medical premiums going up as well so our checks stayed the same. NO COLA for 2018 in your pocket. They say we get one but we actually do not. I haven’t seen any increase in my check in 4 yrs and counting. It really is a joke, they give us 5.00 and then medical takes it via our premiums. So, why do it at all? I can’t even respond in words how angry at our system I am. We work all our lives to retire & for what? To supply our gov with lining for their pockets not ours. Sickening.

  3. Chris

    Please explain to me how my prescription plan can go from $68 per month to $83 per month and the price of my 3 month prescriptions goes from $90 to $96 but my $743 per month has gone nowhere for 3 years.

  4. Rosemary H.

    I asked the question because I could not find in the information online what I needed to know.

  5. Rosemary H.

    I am 64 but will be 65 in May 2018. I draw social security and can only make 16,920 a year from a job. When I turn 65 will that amount increase or stay the same. Will I be reimbursed for the money they took as an overpayment for 2017. I did go over but not as much as they took from me.

  6. Sharon C.

    You give us a 2% income increase..and take it away but increasing the medicare cost for our insurance..How much did Congress give themselves in a raise this year?

  7. Becky

    Get a 2% raise and medicare takes it so how is that a raise?

    • Karen

      IT’S NOT!!! IT’S A JOKE ON US!!! WE LINE CONGRESSES POCKET. We never get a COLA increase without our premiums doing the same which means we see nothing but different numbers on our statement and that is all. Don’t look for more, it will never be there.

  8. Dhakalia

    I am confused. You gave me the increase in SS $9 and then increased my Medicare payment by $10, so I lost $1. Should I be happy? Gave me in one hand and took more from the other. Disgusted.

    • Sharon C.

      exactly…what a farce!

  9. Lucy

    why will my check be less after COL increase

  10. Judith r.

    So we get an increase for 2018, but my Medicare payment went up 30 dollars so I get 10 more this year. Perhaps I can buy a bunch of bananas each month. What a bunch of bullshit

    • Coral

      I got a whopping $12. for the year! Feel sorry for all those ppl spending money they THINK they’re going to get.

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