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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Doug n.
What is the age for social security eligibility
V.V.
Hi Doug. If you’re asking about Social Security retirement benefits, you may start receiving benefits as early as age 62 or as late as age 70. Monthly benefits are reduced if you start them any time before your “full retirement age”. Your full retirement age depends on your date of birth. It may be between age 66 and 67. This could affect the amount of your benefits and when you want the benefits to start.
The Benefits Planner: Retirement provides detailed information about Social Security retirement benefits.
Kerry m.
Who do I contact to recieve information about my ss award letter.
V.V.
Hi Kerry, thank you for your question. To speak to a Social Security representative, call us at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 7 a.m. to 7 p.m. or contact your local Social Security office.
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