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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Robert S.
How do I find my SS benefit for 2018?
R.F.
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!
Mary M.
why did I not get an increase in my social security check
R.F.
Hi Mary! Unfortunately, and because of security reasons we do not have access to personal records in this blog and cannot answer your question at this time. One of our representatives should be able to provide you with an explanation.
Please 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 during the day or later in the week. Thanks.
Patricia T.
I don’t know, at this point, who to contact in regard to my social security check and my spouse, Paul R. Turrell.
We are questioning the decrease in our check — a second time, and it’s a large amount (to us). Pat’s —
2015 Check Amount $852.70 Difference is:
2016 ” ” 839.10 $ (13.60)
2017 ” ” 841.20 2.10
2018 ” ” 829.50 (11.70)
Paul’s
2015 ” ” 1,059.70
2016 ” ” 1,046.10 (13.60)
2017 ” ” 1,048.20 2.10
2018 ” ” 1,036.50 (11.70)
These are big amounts out of each of our checks. We have a hard time making it and now it’s decreased
again this year. Can this be checked out and someone get back to explain what is going on that I am not seeing. Thank you for your time.
Patricia T.
I don’t know, at this point, who to contact in regard to my social security check and my spouse, Paul R. Turrell.
We are questioning the decrease in our check — a second time, and it’s a large amount (to us). Pat’s —
2015 Check Amount $852.70 Difference is:
2016 ” ” 839.10 $ (13.60)
2017 ” ” 841.20 2.10
2018 ” ” 829.50 (11.70)
Paul’s
2015 ” ” 1,059.70
2016 ” ” 1,046.10 (13.60)
2017 ” ” 1,048.20 2.10
2018 ” ” 1,036.50 (11.70)
These are big amounts out of each of our checks. We have a hard time making it and now it’s decreased
again this year. Can this be checked out and someone get back to explain what is going on that I am not seeing. Thank you for your time.
Pat (574) 292-3944
R.F.
Hello Patricia. Unfortunately, and because of security reasons we do not have access to personal records in this blog and cannot answer your question at this time. One of our representatives should be able to provide you with an explanation.
Please 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 during the day or later in the week. Thanks.
bob c.
Am wondering about the MATH involved in figuring my 2 per cent increase….three or four years in a row, the amount of my SS check has been $971…I just received a letter telling me about the 2 per cent increase and that the amount that I will start receiving will be $971….I am a 75 year old veteran who graduated from high school in 1960,,,but my math is still pretty good and 2 per cent of $971 should not be $0.00….explain that one to me…
R.F.
Hi Bob, 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.
See more at http://www.cms.gov thanks!
Melvin B.
My wife’s SS check is now less than what she was getting in 2017.
Debra M.
Will there be a stimulus check like we had before anytime soon as it would help lots of people on S/S
Beatrix G.
My husband and I have not received our Form SSA-4926-SM for 2018. How can we get these forms.
Paaul L.
Why do you call it a 2.0 percent raise, when I only saw .48 percent of the 2.0 go to my bank account? 1.52 percent of 2.0 went to Medicare part B. My wife’s 2.0 percent increase ALL went to Medicare part B. This does not make recipients very happy.
Barnara A.
When do we get our money the letter ffom social security sent us informing we would grt a lil bit more monies
R.F.
Hi Barnara, the 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2018. Increased payments to SSI beneficiaries was effective on December 29, 2017. You can find more details about the new COLA at http://www.socialsecurity.gov/cola. Thanks!