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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jim
If income falls below $32000 your social security is not taxable-is this amount going to increase in 2018
R.F.
Hi Jim, please visit our Benefits Planner: Income Taxes And Your Social Security Benefits. For tax questions, you will need to contact the IRS. Their toll-free number is 1-800-829-1040. We hope this helps.
Yugank K.
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Michael M.
Do Americans who are social security disability currently also receive an increase in their benefits?As do the general public,
R.F.
The 2.0 percent cost-of-living adjustment (COLA) applies to all Social Security beneficiaries. You can find more details about the new COLA at http://www.socialsecurity.gov/cola.
Michele B.
I called the number that you listed at 4:00pm on Friday. I stayed on hold for 1 hour and 31 minutes and finally hung up. This is not good business to have concerned citizens who need answers to why they have not received the COLA for 2018 be unable to reach anyone OR find the answer on line. Just answer the question. What have some full retirement eligible retirees not received the increase in January 2018.
Betty J.
Why did I not get the cola raise in Jan 3rd direct deposit. Neither did my husband, William Fred peek.
R.F.
Hi Betty! 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.
Dillard O.
I did not see a raise in my Jan. 2018 check. Why?
R.F.
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!
Ina L.
I did not receive my raise this year my husband did I thought everyone got A coast of living raise
R.F.
Hello Ina, 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.
Jacqueline M.
My husband received a small increase in his social security but I did not. Why?
Cheryl K.
My check was deposited to my account on 1/10/18. There was no increase to the amount I ws receiving in 2017. How don I find out why?
Cheryl K. Saleny
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R.F.
Hi Cheryl! Unfortunately, and because of security reasons we do not have access to personal records in this blog and cannot answer your question. 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.
Freida
I have not received my cola. This is January 24, 2018. I only received my original amount. What happened?