Social Security Announces 2% Benefit Increase for 2018
The Social Security Administration (SSA) on Oct. 13 announced
that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 2% in 2018. The change will affect more than 66 million Americans.
The 2% 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 Dec. 29, 2017.
Based on the increase in average wages, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $128,700 from $127,200. The SSA says that as a result, Social Security taxes will increase for approximately 12 million of the estimated 175 million workers who will pay them in 2018.
More detailed information about the changes relevant to Social Security benefits in 2018 is available here