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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Mr.smith
Officer mark smith says that’s why we live in such a hiv community currupt judges and fucked society
Jenny
To make a 2 day decision is bogus fire those judges get new that’s what you call a currupt government?
Craig H.
Sounds like they have there head in there ass
Craig H.
The judges suck they don’t make honest decisions be careful who you get
Albert M.
why didn’t I not get a 2% increase? I went from $1381.50 to 1389.60 which is only $8.10. I don not understand, can you help me & explain to me why?
Lyn Y.
The question that I have is: I did not receive the 2% cost of living raise that I was notified that would begin Jan. 2018. Could you please tell me why?
Lyn Sellers D.O.B. 08-06-1942 S.S. # 1710
Thank You, Lyn
James C.
My 84 year-old mother told me in a letter written December 29, 2017 and received by me on February 6, 2018 her monthly Social Security check was reduced for 2018. My own check increased by approximately $30.00 per month after I retired in May 2017 along with my military retirement. My wife’s, who retired in 2011, check remained the same for 2018. Why was my mother’s check reduced? While she does receive a small increase in her monthly pension from the Bay County Florida School District it was offset by the reduction in her monthly Social Security payment. She lives on a very low fixed income. My father, whose Social Security she receives, died in 1984 and my mother has always drawn his Social Security since the amount is larger than she would receive if drawing her own.
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 your mother with an explanation. She can 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. Thanks!
Winifred M.
Why was the extra income $25 went to Medicare Insurance, instead staying in monthly amount before deduction.
judith h.
I didn’t receive my social security raise in January 2018. what do you suggest?
judith
i didn’t get my social security raise in January. what should I do?