Social Security – Social Security Administration Announces
Cost of Living Increases for 2017
The Social Security Administration (SSA) has announced a two percent cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income (SSI) benefits in 2018. The Social Security Act provides for annual COLA increases based on inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Because the CPI-W rose modestly over the last year, the 2017 COLA will increase benefits modestly. According to SSA, the average monthly Social Security benefit for a retired worker will increase by $27, from $1,377 in 2017 to $1,404 in 2018. The average monthly benefit for a Social Security “disabled worker” beneficiary will increase by $24, from $1,173 in 2017 to $1,197 in 2018.
In addition, the SSI Federal Payment Standard will increase from $735 per month in 2017 to $750 per month in 2018. Important work incentive thresholds for Social Security and SSI beneficiaries with disabilities will also increase, including the Substantial Gainful Activity level and the Trial Work Period earnings level. View SSA’s fact sheet for more details on the 2018 Social Security COLA. (via The Arc US)