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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Ronny
Time to play smear the queers just because niggers are shooting each other in Chicago doesn’t mean they can spread there tactics out of Chicago how come we’re not seeing niggers in other city’s states running up to people shooting them never know it could become an epidemic from city to city niggers shooting niggers (Hint Hint)
Ronny
Time to build another wall just to keep the niggers out otherwise you’ll have niggers running up to people shooting them and running off from state to state city to city
Linda J.
Hi, I retired on January 7, 2017, that month I turned 65, I returned to work in March 2018 as a part time employee, average 24 hours a week. What is the limit that I can earn and how will that affect my social security check if any? How much can I earned for 2018? What else is there to know?
I will look forward to you email.
Thank you.
R.F.
Great question Linda, if you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, the amount you make at work will not affect your Social Security benefits, no matter how much you earn. Please read our publication “How Work Affects Your Benefits” for more information. Thanks!
Linda
Why do u say we get a 2% increase when the part b is increased by that amount and u end of with “0”. As a result of 2018 increase my part b was increased significantly so that my TOTAL increase was , “$2” per month. So not fair. What a joke. We can support illegals but cannot treat social security people fairly! Only in America!!!!!
R.F.
Hello Linda, when there is an increase in the Medicare Part B premium, a statutory “hold harmless” provision protects approximately 70 percent of Medicare Part B enrollees from paying a higher Part B premium to avoid reducing their net Social Security benefit. Enrollees not protected include higher income individuals subject to an income-adjusted Part B premium and beneficiaries newly entitled to Part B in 2018. Additionally, enrollees who have their Medicare Part B premiums paid by state Medicaid agencies will see no change in their Social Security benefit. The state will pay any Medicare Part B premium increase. Thanks!
Jerry M.
I never received a reply to my statement that both my wife’s and my entire dollar social security increase was applied to Medicare and, even with Trump’s Tax Relief, our net income remained the same as last year. I want to know why. How many others were affected in this manner. Was this due to the ACA?
Jerry M.
Both my wife and I each received 2% increase in our social security gross income this year, but different dollar amounts (mine was twice the amount of hers). However, that full dollar amount increase was given to Medicare for each of us, such that our net social security income remained the same as past years.
Maureen G.
This is more of a question than a comment. I have been receiving my SS benefit for eight years, pretty much the same amount (actually decreased some, I assume because of Medicare), and thought it would increase in 2018. Many of my fellow retirees had a significant increase in theirs–over $100/month. Mine didn’t change at all. Why would this be?
Lorraine C.
How can I receive a copy of the letter sent in October or November 2017 which indicates the amount I will receive in 2018?
Thank you.
R.F.
Hi Lorraine, you can request a benefit verification letter online by using your my Social Security account. Thanks!
RICHARD N.
need the info for purdue patient assistance program they want to know what i get for 2017 and 2018 and thank you phone no. 7726313484
R.F.
Unfortunately, but for security reasons, we do not have access to personal records in this blog. Please contact your local Social Security office. If you are unable to visit the local office, 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. Generally, you will have a shorter wait time if you call later during the day or later in the week. Thanks!
RICHARD N.
need replacement of what i recieve from ss and 1040
Cornelia C.
I need a social security award letter.
How can I get the current statement?
R.F.
Hi Cornelia, 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!