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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PHILIP M.
I HAVE NOT RECEIVED THE 2% SOCIAL SECURITY INCREASED PREVIOUSLY ANNOUNCED FOR 2018? WHY? MY SSAN 533.32.9252
PHILIP EDWARD MORAN
KATHY J.
award letter for 2018
KATHY J.
I NEED AN AWARD LETTER 2018
R.F.
Hi Kathy! To get a benefit verification letter, click here.
Nancy R.
how come my benefits did not increase this year?
R.F.
Hi Nancy! 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.
Barbara J.
I can’t see in my statement where the 2.0 percent made a difference in my total. My check is the same .*
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.
David a.
My wife and I have not yet received our 2018 Social Security Award Letter.
R.F.
Hello David, the cost-of-living adjustment (COLA) notices for 2018 were mailed during the month of December 2017. If you need proof you get Social Security benefits, you can request a benefit verification letter online by using your personal my Social Security account. This letter is sometimes called an “award letter”. Thanks!
Dale C.
request a copy of my ss replacement for 2018 benefit amount. I’m in the process of purchasing a new home and they would like to have a 2018 copy if available.
Thank you
R.F.
Hi Dale! 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 personal my Social Security account.
Geneva C.
When do I receive my 2% cost of living increase for 2018 for my social security benefits? I thought it was suppose to kick in, in January 2018? Are we going to get one?
Mary A.
I have seen no increase in the monthly amount.
Larry D.
I would like my SS statement for 2018 . Send it to the email below because I can’t print off mine. Thank you very much