Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018.
The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018. Increased payments to more than 8 million SSI beneficiaries will begin on December 29, 2017. (Those people who receive both Social Security and SSI benefits)
The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $128,400.The earnings limit for workers who are younger than "full" retirement age (age 66 for people born in 1943 through 1954) will increase to $17,040. (SSA deducts $1 from benefits for each $2 earned over $17,040.)
The earnings limit for people turning 66 in 2018 will increase to $45,360. (SSA deducts $1 from benefits for each $3 earned over $45,360 until the month the worker turns age 66.)There is no limit on earnings for workers who are "full" retirement age or older for the entire year.