Social Security announces a 2.0 percent increase in 2018 benefits

For more than 66 million people, monthly Social Security and Supplemental Security Income (SSI) benefits 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 in January 2018 to more than 61 million people receiving Social Security benefits. For more than 8 million people, the increase in SSI payments will begin on December 29, 2017. (Note: some people receive both Social Security and SSI benefits) The Social Security Law links the annual COLA with the increase in the Consumer Price Index, as determined by the Labor Department’s Bureau of Labor Statistics. Some of the other changes that take effect in January of each year are based on increasing average wages. Based on that increase, the maximum amount of earnings subject to Social Security tax will increase to $ 128,700 from the present amount of $ 127,200. Of the 175 million workers who will pay Social Security taxes in 2018, about 12 million will pay more due to the increase in the maximum taxable amount. When they announce the information about the changes to Medicare for 2018, it will be available at  www.medicare.gov . The Social Security Law establishes how to calculate the COLA. Know better  www.segurosocial.gov/espanol/n ews / tail . # # # COMMENT FOR CORRESPONDENTS:  Attached you will find the data sheet showing the effects of automatic adjustments. For more Social Security news, follow the press office on Twitter @SSAPress.  The 2018 Social Security Changes Cost of Living Adjustment (COLA) : Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2016 to the third quarter of 2017, beneficiaries of Social Security and Supplemental Security Income (SSI, for their will receive a 2.0 percent COLA for 2018. Here is some additional important information from Social Security for 2018:
Tax rate 2017. 2018
Employee 7.65% 7.65%
Worker byown account 15.30% 15.30%
EXPLANATORY NOTE : The 7.65% tax rate is the combination of Social Security and Medicare taxes. The Social Security Tax Percentage (OASDI) is 6.20% of earnings up to the maximum taxable amount (see below). The Medicare Tax Percentage (HI) is 1.45% of all earnings. Additionally, since January 2013, single people with wages over $ 200,000 ($ 250,000 for married couples filing joint taxes) pay 0.9 percent more Medicare tax. The tax rates shown in the table above do not include 0.9 percent.
  2017. 2018
Maximum earnings subject to tax
Social Security (OASDI only) $ 127,200 $ 128,700
Medicare (HI only) Unlimited
Value of a Social Security Credit
$ 1,300 $ 1,320
Exempt Earnings Amounts During Retirement
Before fulfilling thefull retirement age $ 16,920 / year($ 1,410 / month) $ 17,040 / year($ 1,420 / month)
EXPLANATORY NOTE: One dollar of benefits will be withheld for every $ 2 of earnings over the limit.
The year you reach full retirement age $ 44,880 / year($ 3,740 / month) $ 45,360 / year($ 3,780 / month)
CLARIFICATION NOTE: This limit only applies to earnings earned in the months before reaching full retirement age. One dollar of benefits will be withheld for every $ 3 of earnings over the limit.
Starting the month in which thefull retirement age Win limits cease
  2017. 2018
Limits Related to Social Security Disability Benefits
Substantial and lucrative employment(SGA)
People who are not blind $ 1,170 / month $ 1,180 / month
People who are blind $ 1,950 / month $ 1,970 / month
Trial work period(TWP) $ 840 / month    $ 850 / month
Maximum amount of Social Security benefits:Workers who retire when they reach their full retirement age
$ 2,687 / month $ 2,788 / month
Standard Federal SSI Payment
Single person $ 735 / month $ 750 / month
Married couple $ 1,103 / month $ 1,125 / month
Resource limit under the SSI program
Single person $ 2,000 $ 2,000
Married couple $ 3,000 $ 3,000
Income Exclusion for Students Under the SSI Program
Monthly limit $ 1,790 $ 1,820
Annual limit $ 7,200 $ 7,350
Estimated Social Security benefitsmonthly averages payable in January 2018
Before the2.0% of the COLA After the2.0% of the COLA
All retired worker $ 1,377 $ 1,404
Senior married couples, where both receive benefits $ 2,294 $ 2,340
Widowed mother with two children $ 2,717 $ 2,771
A widower or elderly widower, alone $ 1,310 $ 1,336
Disabled worker, his spouse and one or more children $ 2,011 $ 2,051
All disabled workers $ 1,173 $ 1,197