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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Bette T.
When is 2018 benefits award letter being mailed?
R.F.
Hi Bette, if you are referring to the cost-of-living adjustment (COLA) notices for 2018, those notices are expected to be mailed in December. Thanks!
Bette T.
When is 2018 benefits award being mailed?
Janet
Like always this only BENEFITS the people who get their premiums paid by the state. Every time we get a raise our premiums on Medicare go up the same amount. So where do we really get a raise?????
Joe
I just applied for SS and will receive my first payment in February, 2018 (Effective January so first payment will be February). Will I receive the 2% increase also or will I be getting only what I was told in my acceptance letter?
Janie L.
I have been unable to find the cost of monthly medicare premiums to be deducted from my social security earnings. Can you tell me what the monthly premium will be?
Janie Louise Caskaddon
10-29-17
madeline G.
I am divorced and collecting social security on my own earnings. What happens if I should remarry
Janie L.
What will the monthly medicare premiums be in 2018?
I have not had any luck finding that information on any web site.
L. Caskaddon
10-27-17
10:48 AM
James R.
Cannot find a straight answer on Social Security Disabilty Insurance COLA increase for 2018. Can you help?
J.Y.
Hi James. Monthly Social Security Disability Benefits and Supplemental Security Income (SSI) benefits for more than 66 million Americans will see a 2.0 percent increase in 2018. See our Cost-of-Living Adjustment (COLA) blog for more information.
Susan C.
When do you plan to announce the Medicare Part B premium amounts, including IRMAA levels and costs?
J.Y.
Hi Susan. Thanks for your question. Information about Medicare changes for 2018, when announced, will be available at http://www.medicare.gov.
Ron C.
When to expect 2018 Social Security benefit award letter.
J.Y.
Hi Ron. If you are referring to a benefit verification letter, we have good news! You can view, print, and save your benefit verification letter using my Social Security online. To get your verification letter, set up a my Social Security account if you don’t have one already. Thanks!