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Social Security Announces 2.0 Percent Benefit Increase for 2018

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Press Releases

Press Release

Friday, October 13, 2017 
For Immediate Release
Mark Hinkle, Acting Press Officer 
[email protected]ssa.gov

Social Security Announces 2.0 Percent Benefit Increase for 2018

Print Version

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018, the Social Security Administration announced today.

The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018. Increased payments to more than 8 million SSI beneficiaries will begin on December 29, 2017. (Note: some people receive both Social Security and SSI benefits) The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $128,700 from $127,200. Of the estimated 175 million workers who will pay Social Security taxes in 2018, about 12 million will pay more because of the increase in the taxable maximum.

Information about Medicare changes for 2018, when announced, will be available at www.medicare.gov.

The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.

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Mr. Mike

Great...Now I can afford that new dodge viper!

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tonny

Fact Sheet SOCIAL SECURITY Social Security National Press Office Baltimore, MD

 

 

Quote

CHANFact Sheet SOCIAL SECURITY Social Security National Press Office Baltimore, MDGES Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2016 through the third quarter of 2017, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 2.0 percent COLA for 2018. Other important 2018 Social Security information is as follows: Tax Rate 2017 2018 Employee 7.65% 7.65% Self-Employed 15.30% 15.30% NOTE: The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings. Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicare taxes. The tax rates shown above do not include the 0.9 percent. 2017 2018 Maximum Taxable Earnings Social Security (OASDI only) $127,200 $128,700 Medicare (HI only) No Limit Quarter of Coverage $1,300 $1,320 Retirement Earnings Test Exempt Amounts Under full retirement age $16,920/yr. ($1,410/mo.) $17,040/yr. ($1,420/mo.) NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit. The year an individual reaches full retirement age $44,880/yr. ($3,740/mo.) $45,360/yr. ($3,780/mo.) NOTE: Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit. Beginning the month an individual attains full retirement age None 2017 2018 Social Security Disability Thresholds Substantial Gainful Activity (SGA) Non-Blind $1,170/mo. $1,180/mo. Blind $1,950/mo. $1,970/mo. Trial Work Period (TWP) $ 840/mo. $ 850/mo. Maximum Social Security Benefit: Worker Retiring at Full Retirement Age $2,687/mo. $2,788/mo. SSI Federal Payment Standard Individual $ 735/mo. $ 750/mo. Couple $1,103/mo. $1,125/mo. SSI Resource Limits Individual $2,000 $2,000 Couple $3,000 $3,000 SSI Student Exclusion Monthly limit $1,790 $1,820 Annual limit $7,200 $7,350 Estimated Average Monthly Social Security Benefits Payable in January 2018 Before 2.0% COLA After 2.0% COLA All Retired Workers $1,377 $1,404 Aged Couple, Both Receiving Benefits $2,294 $2,340 Widowed Mother and Two Children $2,717 $2,771 Aged Widow(er) Alone $1,310 $1,336 Disabled Worker, Spouse and One or More Children $2,011 $2,051 All Disabled Workers $1,173 $1,197   

 

Edited by USMC-Retired

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Paul

I remember my mom being happy as a lark, when she received, I believe, a 3% increase? That was probably the last COLA increase Social Security recipients received, until now. (Can anyone confirm that?)

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Lee

After some years under the last president of not receiving any COLA and not receiving interest payments on some IBonds I hold, which I believe has never happened before, :unsure: I am happy receiving any COLA but it is not me that counts, the people I feel for are those who live on SS alone and had to make due during those years while the whole time the govt pissed away money on everyone and everything but them. 

 

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battleborn

Good news

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Monsoon

Even with inflation.

Hopefully y'all have other private investments working for you apart from SS. SS alone is about as depressing as moving into a brothel after prostate removal. 

Any decent fund is doing at least 10% this year. Some looking at 20%. The market is off the hinges at the moment, rising faster than a priest's crotch in an all boys day care.

Enjoy it while you can (if you can) ! 

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Aerosick

https://www.ssa.gov/oact/cola/colaseries.html

Since 1975, Social Security general benefit increases have been cost-of-living adjustments or COLAs. The 1975-82 COLAs were effective with Social Security benefits payable for June in each of those years; thereafter COLAs have been effective with benefits payable for December.

Prior to 1975, Social Security benefit increases were set by legislation.

 

Social Security Cost-Of-Living Adjustments
Year COLA
1975 8.0
1976 6.4
1977 5.9
1978 6.5
1979 9.9
1980 14.3
1981 11.2
1982 7.4
1983 3.5
1984 3.5
1985 3.1
1986 1.3
1987 4.2
1988 4.0
1989 4.7
Year COLA
1990 5.4
1991 3.7
1992 3.0
1993 2.6
1994 2.8
1995 2.6
1996 2.9
1997 2.1
1998 1.3
1999  a 2.5
2000 3.5
2001 2.6
2002 1.4
2003 2.1
2004 2.7
Year COLA
2005 4.1
2006 3.3
2007 2.3
2008 5.8
2009 0.0
2010 0.0
2011 3.6
2012 1.7
2013 1.5
2014 1.7
2015 0.0
2016 0.3
2017 2.0
a The COLA for December 1999 was originally determined as 2.4 percent based on CPIs published by the Bureau of Labor Statistics. Pursuant to Public Law 106-554, however, this COLA is effectively now 2.5 percent.

 

The first COLA, for June 1975, was based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the second quarter of 1974 to the first quarter of 1975. The 1976-83 COLAs were based on increases in the CPI-W from the first quarter of the prior year to the corresponding quarter of the current year in which the COLA became effective. After 1983, COLAs have been based on increases in the CPI-W from the third quarter of the prior year to the corresponding quarter of the current year in which the COLA became effective.

SSI COLAs
COLAs for the Supplemental Security Income (SSI) program are generally the same as those for the Social Security program. However, COLAs for SSI have generally been effective for the month following the effective month of Social Security benefit increases. See SSI historical payment standards for more detail.

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liquido
35 minutes ago, Monsoon said:

Any decent fund is doing at least 10% this year. Some looking at 20%. The market is off the hinges at the moment, rising faster than a priest's crotch in an all boys day care.

It sure is..It feels good to be in a .S&P 500 index fund..

Week:   +0.2%     YTD: week ending 10/13/17   +15.8%   S&P 500 

 

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Salty Dog

Wow, a whole $50 extra before they raise MEDICARE. 

At least if you're a military retiree or federal government retiree, you will also get 2% on your pension as well. So add another $100, before they take out more taxes and raise the SBP also by 2%.

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Salty Dog
5 hours ago, Monsoon said:

Even with inflation.

Hopefully y'all have other private investments working for you apart from SS. SS alone is about as depressing as moving into a brothel after prostate removal. 

Any decent fund is doing at least 10% this year. Some looking at 20%. The market is off the hinges at the moment, rising faster than a priest's crotch in an all boys day care.

Enjoy it while you can (if you can) ! 

I have a pretty conservative mutual fund and even it's up 26% this year.

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Monsoon
12 minutes ago, Salty Dog said:

I have a pretty conservative mutual fund and even it's up 26% this year.

That’s wonderful news!

Can I borrow some money?

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Salty Dog
3 minutes ago, Monsoon said:

That’s wonderful news!

Can I borrow some money?

I'll loan you 50% of what I make a year, for 10% of what you make...:D

Edited by Salty Dog

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Paul
3 hours ago, Salty Dog said:

Wow, a whole $50 extra before they raise MEDICARE. 

According to statistics, it will only be about a $25 USD increase, for the average person receiving SS.

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Salty Dog
38 minutes ago, Paul said:

According to statistics, it will only be about a $25 USD increase, for the average person receiving SS.

Some of us aren't average...:D

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