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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phyllis
some friends of mine did not get the cost of living increase Please explain why
Jim
how can you get a raise with out a increase in money ?
Delmar F.
Will I get a 2% cola increase in my benefits? I am turning 62 on the 15 of January also.
Thank you
R.F.
Cost-of-Living Adjustment (COLA) increases apply to all Social Security and SSI beneficiaries. You can find more details about the new COLA at http://www.socialsecurity.gov/cola. Thanks!
tina H.
i am very up set with the cost of living increase which i got but it was taken for the medical cost and so my check stayed the same 620.00 which gives me no extra money for the so called cost of living how come this is so not right we worked all our lives and get shit back i really would like a recheck on my amount , and see how come i didn’t get it and the insurance did , so not fair ,
Phyllis B.
This is such a big LIE – yes they GAVE us a little bitty percentage raise – but every bit was eaten up by the increase in Medicare – so where is the raise???????
You de-rat liboturds – need to be tarred and feathered for all your lying – and STEALING our money that we WORKED and earned our entire lives – while you sit back on your big fat ASSES – and do nothing but DEMAND we pay you the salary you have done nothing to earn.
Oleta C.
I wonder why my husband only a 5 dollar raise,which was a lot lower than 2 percent,and I never got one penny raise.
Johnny D.
My social security check has been the same amount for the last three years. $1,169 You “supposedly” gave me a raise but you raised the Medicare cost so you wouldn’t have to pay me more.
Mel P.
You say I get a 2% increase this year but when my deposit came in it was not $25 but only $2. That is only .016% not 2%.
What’s up with that?
Mel Page
Nellie B.
I want to know why my medicare keeps going up. For the last 3 years i have been getting the same thing on my social security checks . My medicare this year went up 20 dollars it was 108 last year now it is gone sky high, and i get the same amount that i have had for 3 years why is that?
Delmar F.
Same with me.
donald q.
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