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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John
I will be getting a total of $32.92 and will end yo with $6.92 once Medicare takes $25 from the COLA raise.
John
End up with $6.92.
Charles C.
I take 13 meds twice a day . if I did not have help , I would be dead.!!!!!!!!!!
Charles C.
2% is not doing it for seniors , try shopping see how for $50.00 goes. we need at lest 3 or 4% I hope Medicare does not eat any up. The system that is used out dated years ago. I would like to see is a standard % hence forth.
Beatrice
what will i be paying in 2018 for medicare? I am now paying $104.90 a month
Ed P.
Noted for 2018 there is coming a 2% increase in SS benefits yet I am unable to find the 2018 Part B monthly Medicare premium – same, increase or decrease? Currently is $111.
Ray F.
Information about Medicare changes for 2018, when announced, will be available at http://www.medicare.gov.
Marc
@Sablee: sorry, you’re wrong. Though the Republican health care debacle didn’t pass – yet – the 2018 budget just passed by the GOO majority Senate EMIMINATES Medicaid, after a 2-year periodic “winding down,” starting with a $2 trillion cut. Read the actual bill, see for yourself, at congress.gov.
John
2% is like hitting us in the face with a brick. Those on SNAP get a larger raise, so maybe it pays to be poor.
Adalberto R.
The people not have idea of nothing, they no go the grocery store, they no go the gas station, they no paid one cent for nothing, but us the working retired poor we has to paid for everiting naw 2% that money is no for us that money go directly to Medicare and we no recibed nothing . 2% keep ? that is very, very cheap .
azure
Aren’t Medicare premiums increasing so much that most people won’t see that 2% at all?
Ray F.
Information about Medicare changes for 2018, when announced, will be available at http://www.medicare.gov.
essam e.
god bless america