Social Security Benefits to Increase in 2018
On October 13, the Social Security Administration announced that Americans will see a 2.0 percent cost of living (COLA) increase in their Social Security and Supplemental Security Income (SSI) benefit in 2018. Federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).
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.