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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Thomas W.
Is SSA going to send me an answer???????????
Thomas W.
Why can I not log in an german address to set up an account for myself and my wife? Every time I try to use SSA Format to set up an account It will not take my Information. I would like an E-Mail in return on whats the Problem is. SSA has my E-Mail address and Name listed below.
R.F.
We are sorry for the inconvenience, Thomas. The “my Social Security” authentication system requires address verification as one of the essential criteria for issuing an account. People with APO/FPO/DPO addresses can create an account overseas, but our system does not support registration and account creation for users with a foreign address yet. Please contact your local U.S. embassy or consulate for any assistance related to your Social Security benefits. Also, our Office of International Operations home page provides more information to assist our customers living abroad.
Just a reminder – We do not have access to personal information, therefore, we do not do direct messaging in this venue. Please be cautious about posting personal information on social media and communicating personal information via email. Thanks!
kathleen
this is an outright lie. We have received not ONE RED CENT in 2018.
William S.
I wish someone could explain why my annual social security disability payments have gone down each of the past 2 years? It’s hard enough to make ends meet on the already low income paid. Did everyone receiving disability income go down also? If so, why? One person told me it was due to and increase in health care costs. Thank you very much in advance for any help in answering the above question.
William ~
Linda J.
18 billion for a wall. What about increasing ss disgraceful
JTG
I received a notice that retirees will loose any increase in benefits since the medicare insurance cost went up 23 percent essentially wiping out any raise in monthly payments. Is this true? Why?
R.F.
Thank you for your question. When there is an increase in the Medicare Part B premium, a statutory “hold harmless” provision protects approximately 70 percent of Medicare Part B enrollees from paying a higher Part B premium to avoid reducing their net Social Security benefit. Enrollees not protected include higher income individuals subject to an income-adjusted Part B premium and beneficiaries newly entitled to Part B in 2018. Additionally, enrollees who have their Medicare Part B premiums paid by state Medicaid agencies will see no change in their Social Security benefit. The state will pay any Medicare Part B premium increase.
Visit http://www.medicare.gov for more information regarding the 2018 Medicare Parts A & B Premiums and Deductibles. Thanks!
Donald R.
When will the 2017 1040 form be out?
R.F.
Hi Donald, the Form 1040 is the standard federal income tax form used to report an individual’s gross income (e.g., money, goods, property, and services). For further income tax questions, you will need to contact the IRS. Their toll-free number is 1-800-829-1040. Thanks!
Dan M.
Guys, if anyone is reading these “blogs”, (and happens to read this one)- Take note. It is futile to respond to this questionnaire. I keep seeing the same responses over and over again. People, these morons are sitting back and laughing at the responses. How do they think we would respond to a slap in the face, they knew exactly how most of us would be upset, or outraged. The Cretan that’s answering the ” I haven’t received my notification letter, when will I receive it? Is probably laughing loudest. Its like being at a press convention, where a reporter asks: “What can you tell us thus far about the murder suspect and investigation” and get a response of ” We’re pretty sure he was wearing shoes, because we haven’t found any foot prints with toe impression imbedded in any prints so far”. So don’t even waste your time responding to this questioner, your just giving them more to laugh about.
Misty C.
Hi….I’ve tried to make an account and it want let me…..plz help me thanks
R.F.
Hello Misty! If you are having difficulties with your personal my Social Security account, please call 1-800-772-1213 for assistance. After you hear “Briefly tell me why you are calling,” say “Help Desk” for help with a my Social Security account, Thanks.
Eduardo A.
how can i get a copy of my Award Letter
R.F.
Hello, Eduardo, you can request a benefit verification letter online by using your my Social Security account. Thank you for using our online services!