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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Mabel L.
My husband, Raymond and I, have not received our 2019 statement of benefits. It usually comes in the beginning of November. Who do I call to check on this?
V.V.
Hi Mabel. Your COLA notice will be available online in the Message Center of your my Social Security account in December 2018. Although you will still receive this COLA notice by mail this year, in the future, you will have a choice of online or paper notification.
For more details, check out our Cost-of-Living Adjustment (COLA) Information web page.
maryann h.
How can i get a updated 2018 award letter? Even though I have been on social security for many years, i was told i needed a new updated award letter by the PECO cap program, thank you
V.V.
Hi Maryann. Your COLA notice will be available online in the Message Center of your my Social Security account in December 2018. Although you will still receive this COLA notice by mail this year, in the future, you will have a choice of online or paper notification.
For more details, check out our Cost-of-Living Adjustment (COLA) Information web page .
Alan M.
I received a letter saying that the COLA increase for 2019 will be 2.8%. My new monthly payment shown is about $3.00 LESS per month than I now receive. How is this possible?
V.V.
Hi Alan, thank you for your question. Unfortunately, and because of security reasons, we do not have access to personal records in this blog and cannot look up your record. To inquire about your benefit amount, you will need to contact your local office or call our toll-free number at 1-800-772-1213. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m.
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Sallie K.
How can I get a copy of my mother’s yearly award letter for Medicaid purposes? Can I get it on-line?
V.V.
Hi Sallie, thank you for your question. Your mother can get a benefit verification letter online instantly by using her personal my Social Security account. This letter is sometimes called a budget letter, a benefits letter, a proof of income letter or a proof of award letter. If she doesn’t have an account, she can create one. She will need to provide some personal information to verify her identity, choose a username and password and follow the rest of the steps to finish creating the account. After creating an account, she just needs to scroll down to the Benefits and Payments section and choose “get benefit verification letter” where she can instantly view, print, or save her official letter.
If unable to create an account or she encounters a problem, 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 she can contact her local Social Security office.