Down slightly from this past summer’s projection of a 2.2 percent increase, the official word came down that the increase for Social Security recipients in 2018 will be a 2 percent increase. This increase will impact everyone who receives retirement, disability, and survivor’s benefits, as well as anyone who receives Supplemental Security Income (SSI).
The 2018 increase of 2 percent is well above the 2017 increase of 0.3 percent. The average Social Security recipient gets about $1,258 per month ($15,000 annually) and the cost-of-living adjustment equates to about an extra $25 a month for the average recipient. The COLA is based on the Department of Labor’s Consumer Price Index (CPI-W). According to Social Security, prices for goods and services also increase when CPI-W increases.
Important Amounts
In the world of Social Security disability, there are some key categories to pay attention to because they impact those applying for Social Security Disability Insurance (SSDI) and SSI, or those who are already receiving payments from one of the two programs.
SSDI: The average SSDI recipient received about $1,173 per month in 2017. In 2018 that same worker will receive $1,197 in 2018.
SSI: The maximum monthly SSI payment to an individual was $735 in 2017. That amount will increase to $750 per month in 2018. Couples, where both individuals receive SSI, were restricted to a combined amount of 1,103 a month in 2017 and that amount increases to $1,125 per month in 2018. The SSI resources limit of $2,000 for an individual and $3,000 for a couple will not change in 2018.
SGA: Also known as Substantial Gainful Activity, a term setting limits on how much an individual can earn from work related activities before impacting any SSDI payments they receive, will increase from $1,170 per month in 2017 to $1,180 per month in 2018.
More information about all the changes can be found at www.ssa.gov
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