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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donald q.
2% cost of living was takeing by medicare two yr. in a row so we get nothing what say yoy?
Nellie B.
you notice that they don’t answer these questions
Kathy G.
Why is it that in the past 3 years I have received the cost of living increase yet it is taken out because of an increase here or there so I truly have not received anything while everyday living goes up I have the same about to live on? Just curious that is all.
Mary L.
I never received my Award letter for 2018. I need to know cost of Medicare Part D and cost of Medicare Part B. I’ve attempted to phone SSA….was on hold for over an hour….then was cut off after patiently waiting.
Phyetta P.
my new benefit amount for 2018 does not include the increase of 2% and the medicare insurance amount did not increase ….what do I do to get this corrected
Theresa M.
I received my social security check on the third of the month I did not see an increase do I get one or only a select few get an increase
Nellie B.
you need to look at your medicare cause that is where it went just like mine did
Nona C.
I would like to know why I didn’t receive the 2 percent raise like my husband did. Mine is remaining the same as last year!
Phyllis V.
I have not received my award letter for 2018 and my new medicate card.
Becky
Got a raise and they took it back for medicare A AND B. So i got no raise.
Sonja E.
My New Benefit Amount for 2018 letter does not reflect the 2.0% increase for cost of living — it shows the same amount I have been receiving for the past several years. What do I do to rectify this?
Sonja E. Acuff
htgrandy@att.net
Sonja E.
My New Benefit Amount for 2018 letter does not reflect the 2.0% increase for cost of living — it states the same amount I have been receiving for the past several years. What do I do to rectify this?
R.F.
You can 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 in the day, or later in the week. Thanks!
Julia S.
I receive my social security check on the fourth Wednesday of each month; therefore, my check that I will receive on January 24, 2018, will have my 2% increase on it, am I not correct? Some people received there increase today on January 3, 2018 but they are people that received checks on the pass schedule of receiving them on the 3rd of each month. Am I not correct? In addition, if I received notification that we were getting a 2% increase on Social Security for 2018, I don’t remember getting it nor have a copy of notification. I guess I misplaced it or perhaps I haven’t received it just yet since I won’t be getting my check until January 24.
Thanks and I look forward to receiving your reply regarding this matter.
R.F.
Hi Julia. You can 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 in the day, or later in the week.
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!