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.
Did you find this Information helpful?
Tags: Cost of living adjustment, Social Security benefits
See CommentsAbout the Author
Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
Comments
Comments are closed.
Victor L.
Since I work fulltime and am age 81, I usually receive a notification around October of the current year about my monthly benefits increasing for the next year. In this case we are in October 2018 and have not received any notification of increase in benefits for 2019?
R.F.
Hello Victor. Each year, we review the records for all working Social Security recipients to see if additional earnings may increase monthly benefits. If your earnings for the prior year are higher than any of the years that was used to compute your retirement benefit, we will recalculate your benefit amount. If an increase is due, a new monthly benefit amount is established on your record automatically.
Please call our toll free number at 1-800-772-1213 for further assistance. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks!
RoseAnne
2 social security friends of mine got extra money into their account. They don’t understand why. This was this week (10-8-18) each got a different amount. I also collect social security as does my husband neither one of us got it Please explain.
Thank you
dennis
I need my award letter for my social security benefits
Bill W.
How do I obtain my 2018 Social Security benefit statement / verification award benefit latter?
A.C.
Good news, Bill. You can view, print, and save your benefit verification letter using your personal my Social Security account online. To set up your account, visit the my Social Security web page and select, “Sign In or Create an Account.” You will need to provide some personal information to verify your identity, choose a username and password and follow the rest of the steps to finish creating your account. Once you create your account, scroll down to the Benefits and Payments section and choose “get benefit verification letter” where you can instantly view, print, or save your official letter. If you are unable to create an account or encounter a problem, 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 you can contact your local Social Security office. Thanks!
Michael B.
Why I have not received my increase on my SSI account benefits yet?? And why have I’ve not received my Medicare card part A B C yet ?
A.C.
Hello, Michael. For your security, we do not have access to information about private information in this venue. We ask that members in our Blog community to continue to work with their local office on specific questions about their case. You can also call our toll free number at 1-800-772-1213 (TTY 1-800-325-0778). Representatives are available Monday through Friday between 7:00a.m. and 7:00p.m. Generally, you’ll have a shorter wait time if you call later in the week. We hope this helps!
Paul G.
Your suppose to cum all over the judges mouth to be accepted into there category blow your wad all over there?big bro that’s a winner
Jason w.
Piss in there food and drinks
Robert D.
Go peeeee on there food and drinks
Paul G.
Cum in the judges mouth when your denied blow your semen all over there ? than slap your dick in there ass?? See if your denied than!!!!!!!!!!////
Scott
KILL THE JUDGES only who ever denies you