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.
john b.
I have not received my 2018 benefit award letter. my
health insurance is looking for a copy of it.
Janet
Why even bother giving a cost of living if you turn around and raise the premiums the same amount??This is.a way to justify the increase. Quit playing games and just same what you really mean We want to increase what we pay for our premiums. Quit beating around the bush
betty c.
We who are living on social security are really struggling to keep afloat.Its been along time since we have had an increase to help us.Years ago President Johnson took our money that we earned and used it for something not benefiting us ,since then we have had to live on a pittance offered each year.Its our money,why can’t the government give us a decent increase.
Lorraine K.
I need to know what my husband’s monthly social security payment will be next year to apply for health care through Obamacare by 12/15. How can I find this out?
Ray F.
Hi Lorraine. Generally, the cost-of-living adjustment (COLA) notices for the following year, are mailed during the month of December. Your husband can call our toll free number at 1-800-772-1213 (TTY 1-800-325-0778) for further assistance. Representatives are available Monday through Friday, 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later in the week. Thanks!
Connie M.
Where can I obtain a 2018 Social Security Benefits Award Letter?
Ray F.
Hi Connie, if you are referring to the cost-of-living adjustment (COLA) notices for 2018, those notices are expected to be mailed in December. Thanks!
Wm J.
The cola raise we get this year is it off the gross or after insurance?
Yenia H.
I dont have polici and 68 ,i can’t walk
Barbara B.
I. Receive. Only .713.00.a month. Well Medicare decided to jerk 402.00. Which left me with 311.00 for the month of November. How in the hell do they expect me to make! In not making it at all . I con not even pay my rent utility bills my phone . Nothing. In 61 years old . I don’t know what to do about this . Their is suppose to b help but where is it.
Christine S.
At first it was stated there will be $25 increase now it’s only $14.70 what happened since last week?
Christine S.
What happened since last week from $25 to $14.70?
william H.
When will my wife and I receive our 2018 social security benefit award letters? We need to send copies for Medicare Part B reimbursement. Thank you.
Ray F.
Hi William, if you are referring to the cost-of-living adjustment (COLA) notices for 2018, those notices are expected to be mailed in December. Thanks!