HR Alert

Social Security Administration Announces 2.0% Benefit Increase for 2018

Cost-of-Living Adjustment Increases Social Security and SSI Benefits

The Social Security Administration has announced that monthly Social Security and Supplemental Security Income (SSI) benefits will increase 2.0% in 2018.

The 2.0% cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2018, while increased payments to SSI beneficiaries will begin on December 29, 2017. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the U.S. Department of Labor's Bureau of Labor Statistics.

Certain 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).

Click here to read the announcement in its entirety. Additional information on the COLA is available here.

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