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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security
nice content amzing
Terry S.
We
We are trying to refinance our house. It’s a veterans loan and they require. a new current Award letter from Social Security.
I need one and my son needs one.
R.F.
Hello Terry, 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!
Chris h.
Ok hello is there a limit of earnings for retired at 68 in 2017
R.F.
Great question, Chris. 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!
lisa g.
how do I get a award letter?
R.F.
Hello Lisa. 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.
Theresa
I never got an increase. But my medicine costs keep going up.
Extremely Disappointed that foreigners can collect as benefits and have never worked or lived here.
Christine W.
My Husband. Lost his SS statement that was sent out re/ monthly amt before deductions, and amt Medicare deducts for 2018. How can we get a copy?
R.F.
Hello Christine, your husband can request a benefit verification letter online by using his personal my Social Security account. Thanks!
Linda
??That guy yells at me all the time he needs to be on disability rat poison ??
Craig
(One (sip) can make a black man flip)
Brent c.
In New York we use rat poison to kill off niggers it’s better than spitting bullets?
Emily
U only do that when someone yells at you or scolds u ?
Ann D.
I need an Award letter for 2018
R.F.
Hello Ann, you can request an “award letter” also called a benefit verification letter online by using your my Social Security account. Thanks!
Dale M.
I will hit full retirement age in November. How much can I earn this year prior to November without being penalized. I am confused on the numbers above.
R.F.
Thank you for your question, Dale. If you reach your full retirement age in 2018, the limit on your earnings is $45,360. We only count earnings before the month you reach your full retirement age. See “Getting Benefits While Working” for complete information on this topic.