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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Anne R.
This confused me. Already retired friend would like to return to his old job, as a temp replacement for someone out on disability. How much money is he allowed to earn without effecting his current benefits?
V.V.
Great question, Anne. It really depends on your friend’s age. If your friend attains full retirement age (66) in 2018, the limit on their earnings is $45,360 but we only count earnings before the month they reach full retirement age. Beginning with the month your friend reaches full retirement age, their earnings no longer reduce their benefits, no matter how much they earn. If under full retirement age for the entire year, then we deduct $1 from benefit payments for every $2 earned above the annual limit. For 2018, that limit is $17,040.
Tell your friend to visit our Retirement Planner: Getting Benefits While Working and our Retirement Earnings Test Calculator. Hope this helps!
Ben s.
K I L L A F R I E N D
Sandra I.
We all count
harold l.
it would be nice to get a food allowance
Agolda A.
I would like to know how to apply for an award letter for the year 2018.
R.F.
Hello Agolda, you can request a benefit verification letter online by using your my Social Security account. Thanks!
Anthony P.
Hello simply requesting an easier way to locate award letters. I just don’t see how to navigate through the system to simply print my award letter. Just thought you guys should know, so guess I will keep fumbling through til I figure it out ugh.. thanks in advance
R.F.
Frequently Asked Questions: How can I get a benefit verification letter?
monier f.
I need a copy of my award letter please!
DOB XX/3/195X
XXXXXX wilshier blvd
L A Ca 90024
R.F.
Hello, 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.
Just a reminder – We do not have access to personal information in this venue. Please be cautious about posting personal information on social media. Thanks!
nikki d.
what is my activation code
R.F.
Hello Nikki, you may have been given a letter with an activation code to complete the creation of your my Social Security account. See our publication “my Social Security -How to Create an Online Account” for more.
If you’re -still- unable to create an account or encounter a problem with your my Social Security account, you may:
•Call us at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 7 a.m. to 7 p.m. At the voice prompt, say “helpdesk”; or
•Contact your local Social Security office. Thanks!
Herbert F.
My wife (Nancy Reinhard, *** – ** – ***) and I (Herbert F. Reinhard Jr. *** – ** – ***) need a copy of our 2018 statement that shows our social security benefit. I have a VA pension and the VA needs this for each of us to determine our correct amounts.
You can you pleasre help me by sending a copy of each statement to my home adress you have in your files in Alpharetta, Georgia 30022. Thank you.
R.F.
Hello Herbert. Unfortunately, and because of security reasons we do not have access to personal records in this blog and cannot assist you at this time. If you (and your wife) need proof you get Social Security benefits, you can request a benefit verification letter online by using your my Social Security account. Thanks!
Gary A.
How do I get a copy of the “Your New Benefit Amount” annual notice for 2018?
R.F.
Hello Gary, 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!
Joyce A.
I am looking for a 2018 social security award letter. What are steps to print one out?
R.F.
Hello Joyce, 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!