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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jim w.
And every penny of this supposed increase is then directly taken back by the government for Medicare. Bottom line instead of a $25 per month increase the amount of my monthly check remains exactly the same as it was in 2017. Good thing everything we buy is the same cost also. What a joke.
Arletta S.
when will they increase, I haven’t seen any change on my ss check.
Shaun R.
So instead of getting $790.00 social security decided to give me $750.00. Social security ripped me off of the $790.00. This is bullshit. Social security sends u a fucking letter promising a 2.0% increase and then social security won’t even fucking deliver on it. Fuck this stupid piece of shit fucking planet. Time for earth to be destroyed.
Shaun R.
I got ripped off on my social security rsdi today, instead of getting my 2.0% increase social security decided to give me a decrease. I’m pissed off!!!!
robert b.
would like to know what the amount of raise will be for 2018 if 2% is correct then if I had $ 1999 for 2017 mo benefit then shouldn’t the amount be $40 making it $2039 or was that because deduction of medicare went up
Roberta P.
I did not receive my yearly expected payment. What shall I do.? Still have not received any statement. Husband got his and other Grandma also received same day. Mine was missing.
Roberta P.
I did not receive my yearly expected payment. What shall I do.?
J.Y.
Hi! If you are referring to a benefit verification letter , we have good news! You can view, print, and save your benefit verification letter using my Social Security online. To get your verification letter, visit: http://ssa.gov/myaccount/, to set up a my Social Security account.
Laurel M.
I haven’t received my “SSA-4926-SM information.
I need my Medicare amount. I know it’s not the full
$134 amount. Please advise!
jerry l.
i have not received my award letter for 2018…it usually comes in oct or nov….what do i need to do?
J.Y.
Hi! If you are referring to a benefit verification letter , we have good news! You can view, print, and save your benefit verification letter using my Social Security online. To get your verification letter, visit: http://ssa.gov/myaccount/, to set up a my Social Security account.
Peter L.
My wife did not get a COLA increase this year I did. I don’t unstained why this happened an error perhaps?
J.Y.
Hi Peter, you can write to us or send us an email message. You can find more details about the new COLA at http://www.socialsecurity.gov/cola. Thanks!