COLA

Social Security Benefits to Increase in 2018

October 13, 2017 • By

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Last Updated: October 13, 2017

man and woman outside smiling 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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About the Author

Jim Borland, Acting Deputy Commissioner for Communications

Jim Borland, Acting Deputy Commissioner for Communications

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Comments

  1. David E.

    If I turn 65 in November, 2018 can I earn $45,360 during 2018 before I am penalized?

    • R.F.

      If you were born between 1943 and 1954 your full retirement age is 66.
      In 2018, if you are under full retirement age, you can earn $17,040. without affecting your Social Security retirement benefits.
      Full retirement age had been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959. See “Getting Benefits While Working” for more information.

  2. Sharon G.

    How can get a copy of my Award Letter for 2018

  3. cheap b.

    You have brought up a very great points, appreciate it for the post.

    http://www.strategyboardgames.co.uk/play-colony-video-guide/

  4. Pete

    I would like to see 50 million seniors march on Washington
    demanding a fair COLA, then they would get the message.

  5. ION M.

    TO: JIM BORLARD,
    After aprox.10 years I did receive $ 22.00 rise to my monthly benefit, the cost of living generate this.
    You add all $ 22.00 to Medicare part B and now I paid
    $ 130.00 monthly deduct from my benefits.
    Let me please to know if your operation help me on cost of living, let me know why from $ 22.00 you do not give to me 1 Cent ?
    Is abuse, missing any respect for beneficiary like me and I am sure is unprofessional work.
    Not Thanks,
    Ion Manta
    4 Yosemite Ln., Coram, NY 11727

  6. jerome l.

    When does this increase start

  7. jerome l.

    when does this increase start.

  8. Edith M.

    I have lost my 91-year-old husband in March 2018.

    I was married to my first husband for 29 years.

    I need to convert my Social Security to the previous marriage.
    I cannot get an appointment until May 2018.
    I need to get this taken care of in a timely manner since I am trying to retire from my present position.
    Can I do a ‘walk-in’ at the SS office and hope to get in?
    I cannot contact a local office via phone since it’s a 1-800 number that seems to be the same for all Texas cities.
    I can go to Bryan, Texas office, or Brenham, Texas office.
    Can people show up at a Soc. Security office and get helped?
    I have to get this settled so I can retire from my present position.
    Thank you for your attention. My current appt. is May 11, 2018.
    I

  9. Sharon J.

    I will be turning 62 in June 28, 1956. I did sign up and got a little money for me and my husband (Gary San Giacomo 8/06/1950)

    People have told me its very important that I go into the SS Office My Name is Sharon Waldo 6-28-1956 s.s # *** – ** – ***.

    Could you Please Advise
    Thank You
    Sharon 954-593-1967

  10. marie k.

    will the ssi ever be stopped because of the raise every year

Comments are closed.