Social Security Announces Cost-of-Living Increases for 2018

The Social Security Administration has announced that SSI, SSDI and Social Security Retirement benefits will increase by 2% for 2018.  This is the largest increase since 2012. Last year’s increase was less than 1%, and some years had no increase.

The increase also affects the maximum amount of income that will be taxed for Social Security, and the amount of income a retiree under full retirement age can earn before her Social Security benefit will be affected.

The maximum benefit for SSI will increase to $750 per month, and will be paid beginning on December 18, 2017.

The increase for retirement benefits will begin with with the January, 2018, payment.

An increase for Medicare Part B premiums for 2018 has not yet been announced.  Last year, this increase was greater than the Social Security income Cost of Living Adjustment, resulting in a net decrease in monthly income for many retirees.

More information is available at

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