COLA

Social Security Benefits to Increase in 2018

October 13, 2017 • By

Reading Time: 1 Minute

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.

Did you find this Information helpful?

Yes
No
Thanks for your feedback!

Tags: ,

See Comments

About the Author

Jim Borland, Acting Deputy Commissioner for Communications

Jim Borland, Acting Deputy Commissioner for Communications

Related Articles

Social Security Benefits Increase in 2020

Celebrate Earth Day 2024 by Opting Out of Paper Notices

No Cost-of-Living Adjustment for 2016

An Increase in Social Security Benefits in 2017

Comments

  1. Frances S.

    I need a copy of my social security award letter for 2017 and 2018.

  2. Joanna F.

    Where can I go to find a calendar for 2018 showing when Medicare and Social Security payments will be made?

  3. Carl

    Yeah, It’s great but you do not get the increase. The increase goes directly to Medicare so we do not get anything!

  4. Mike

    Will be sure to keep tainted blood for the officers who charge people with felony’s that’s are saying thanks back to you

  5. Kyle

    Tainted BLOOD with your name written all over it coming to state city near u

  6. Jacob

    ?? That’s are $ 2 cents $ to officer smith ??(Asshole)

  7. Jacob

    ??To officer mr smith??

  8. Jacob

    Officer (smith ) can go suck a dick asshole

  9. Jacob

    ? ? ? ✈️ ? ?

  10. Jacob

    ✈️??✈️????✈️????. spy plane network who’s running this program????✈️✈️✈️✈️✈️✈️✈️✈️✈️??????

Comments are closed.