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.
Did you find this Information helpful?
Tags: Cost of living adjustment, Social Security benefits
See CommentsAbout the Author
Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
Comments
Comments are closed.
robert s.
i have a question regarding my social security check. my email is bob@tksint.com.
R.F.
Just a reminder – We do not have access to personal information, therefore, we do not do direct messaging in this venue. Please be cautious about posting personal information on social media and communicating personal information via email.
You can call our toll free number at 1-800-772-1213. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks!
paul a.
my bank ws sold and has a new routing numbr
were do i go for this change
apm666@aol.com
R.F.
If you already receive benefits (retirement, survivors, or disability) and you have a bank account, you can start or update your direct deposit by your personal my Social Security account. Thanks!
Alice M.
Is ssi going down for the ages 6 to and up or wat in texas
Garry M.
I am 71 years old and drawing social security. I am still working but at a lower income and still paying into SS. Will it help me get more or less retirement income than I am now receiving?
R.F.
Thank you for your question, Garry. Generally, if you continue to work while receiving retirement benefits, your monthly benefit amount could increase. Each year, we review the records for all working Social Security recipients to see if additional earnings may increase monthly benefits.
The benefit amount that you’re receiving, is based on the amount of your average lifetime earnings. Under current law, we used the highest 35 years of earnings to compute an individual’s benefit amount.
If your earnings for the prior year are higher than any of the years that were used to compute your retirement benefit, we will recalculate your benefit amount.
If an increase is due, a new monthly benefit amount is established on your record automatically.
Deborah S.
No they did not increase and I didn’t get the increase from Trump in my pension check. How come?
Deborah Stachowski
03/1/1950
Kristi B.
I have misplaced my award letter for 2018. Can you send me a new one?
R.F.
Hello Kristi, 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!
Jose
People please leave politics at the door.i too don’t understand how I’m supposed to live on 776 a month.its absurd.its almost criminal.we need one site where we can voice our concerns,and hopefully the people in charge would read and take action.i agree a min of 1,200 a month gives us some breathing room…. thanks
Janet
Is everyone on SS supposed to get a 2% increase for 2018 ???
Betty S.
I did not receive any raise
Isiaka A.
Please I need to print 2017 Tax withholding w2 to file my Tax return. Where can I find this on your website and how to print it?
If you can. Please will you send it to my email address. Thanking you with great anticipation.
Humbly,
I.A.A.
R.F.
Hello Isiaka. To check the status of a W-2, you should contact your employer’s human resource or personnel office. If you are referring to the Form SSA-1099 showing the amount of benefits paid to SSA beneficiaries during last year, you can request a replacement SSA-1099 online, by using your personal my Social Security account.
Just a reminder – We do not have access to personal information, therefore, we do not do direct messaging in this venue. Please be cautious about posting personal information on social media and communicating personal information via email.