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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MARY A.
I did not receive my New Benefit amount for 2018. Who do I get in touch with?
Betty S.
I am not showing any increase in my 2018 SS check. I am receiving the same amount as 2017. Why?
Earl D.
I did not receive a new benefits update sheet for 2018. I would like to find out what my monthly amount will be along with what Medicare medical insurance and Medicare perscription drug plan charges are each month.
Thank you
Earl Feazel
Joanne D.
My husband is 65 and not retired yet – he plans on working for awhile longer to get a bigger social security check – how does this change affect him – – so he is of age and not on Medicare and is receiving social security check on his social security number – I don’t understand the 47,000 (not exact number ) that can be earned…. can you explain this – I found when I retired that I rec’d my social security – kept working but I paid taxes on my social security and on the wages earned…. confused
R.F.
Hi Joanne. Individuals can still work and receive their Social Security retirement benefits at the same time. However, if they’re younger than full retirement age and make more than the yearly earnings limit, we will reduce their benefits.
For 2018, the earning’s limit for someone under full retirement age is $17,040/yr.
For someone attaining their full retirement age in 2018, the limit changes to $45,360/yr.
To learn more, please read our publication “How Work Affects Your Benefits”.
Individuals who are 65 or older and not ready to start their monthly cash benefits yet, can use our online retirement application to sign up for Medicare ONLY and apply for their retirement benefits later.
We hope this information helps!
Marcia L.
I have not received a notice regarding my 2018 cola increase. How do I find out if my notice has been mailed?
R.F.
Hi Marcia! The cost-of-living adjustment (COLA) notices for 2018 were mailed during the month of December 2017.
Remember, you can request a benefit verification letter online by using your my Social Security account.
Or you can call our toll free number at 1-800-772-1213, Monday through Friday, between 7 a.m. and 7 p.m. Thanks.
Teresita S.
I need a copy of the letter for the 2018 showing how much
I am receiving for 2018 with the cola increase to be used for documentation.
Thanks much.
Teresita S. Delfin
R.F.
Hello Teresita! You can request a benefit verification letter online by using your my Social Security account.
Or you can call our toll free number at 1-800-772-1213 and request a copy. 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 during the day or later in the week. Thanks.
Gerardo D.
When will we get our award letters??
mary c.
I hardly make enough to make a living now.
Marcia L.
Why did l get only a $10 raise on my social security this January 2018 while my sister received a $71 raise. I worked back breaking job as an RN. I started working part-time at age 16. I worked more years earned more monet than she did.
I have to buy all my medication, about $100+ per month while she gets hers free. I pay full price for my Medicare Advatage while she pays $6.
She getsfood stamps, l do not. She is diabetic and there is a lot of things that aren’t covered and she can’t afford to buy the paper and all that kind of thing so guess who buys that too, little old me. I need a new glasses like 2 years ago I can’t afford them. I will probably have to have cataract surgery this year and I don’t know what I’ll do because course there’s a $200 deductible 4 or outpatient surgery. And unfortunately my children are not in the position where they can help me sometimes I have to buy things for their kids because they don’t have the money for it. So Grandma goes without.
I still drive, pay car insurane, life insurance, gas for the car etc. Don’ t get me wrong. I don’t begruge her 1 thin dime, but l am usually broke 2 days after payday and have to live off peanut butter cracker.
There’s no benefit for dentures. I broke mine 2 years ago. I can’t get new ones because they won’t give me credit because I don’t know house no stocks no bonds no property and I have a 20 year old car. I just think it would be nice if there was some way I could get some help somewhere once in awhile . I just like to have a nice phrase to I went I’m bringing home $1,000 a week to living off 1500 a month and in the process I lost my house. I’m sure you hear a lot of sub stories and I probably drugged this letter on much too long. But I’d still like to know why some people that more of a race than others when it was quoted 2%
Geraldine L.
My Social Security benefits did not increase by 2% for (2018) it is the same as last year (2017)