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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Carolyn A.
Please don’t forget those of us who are trying to live on SS after a lifetime of working!
Carolyn A.
Please don’t forget those of us who are trying to live on SS!!
Alma K.
I have not received an increase in my Social Security check,
R.F.
Hello Alma. Unfortunately, and because of security reasons we do not have access to personal records in this blog. 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.
Alma K.
I have not received an increase in my Social Security benafits.
Alma K.
I have not receive an increase in my Social Security benafits.
Judy I.
I need to get a copy of my 2018 award letter. How do I go about that????
mary r.
How can I change the amount of taxes taken from my social security check?
Glenn G.
I’m a corrections officer and I am going to work until age 70,I turn 65 this year when do I start collecting or when do I register for social security.
R.F.
Thank you for contacting us, Glenn. Individuals within three months of age 65 or older and not ready to start their monthly cash benefits, can use our online retirement application to sign up for Medicare ONLY and apply for their retirement benefits at a later date.
If you’re covered under a group health plan based on current employment, you have the chance to sign up for Medicare Part A and/or Part B during a Special Enrollment Period (SEP). You have a SEP anytime as long as you (or your spouse) continue working, and you’re covered by a group health plan through the employer based on that work.
Also, since you must pay a premium for Part B coverage, you have the option of turning it down. However, we suggest that individuals speak to their health benefits advisor, or health plan representative to see what’s best for them, and to prevent any penalties or delayed enrollment in the future.
To learn more about the Medicare enrollment periods visit http://www.Medicare.gov, and read our publication “Apply Online for Medicare – Even If You Are Not Ready to Retire” . We hope this information helps
Douglas G.
I need the letter stating my, and my wife monthly SSI payments are increased in 2018.
R.F.
Hello Douglas, 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!
robert s.
is it possible for my wife and i to receive our benefits the same time? my b’day is jan 14 and my wife is feb 7th.
R.F.
Hello Robert, please see our Frequently Asked Questions web page for information on this topic. Thanks!