UPDATED: Cost of Living Adjustment

Katie Godbout, Director of Sales & Marketing
October 16, 2017

2018 SSA COLA Update.png

Last Friday, Social Security announced the Cost of Living Adjustment (COLA) for benefits payable in 2018. Check out the fact sheet.

Next year’s COLA will be 2%. Also released at the same time, is the new amount of maximum taxable earnings. For 2018, that figure is $128,700, up from $127,200. The new maximum taxable earnings means the most a high wage earner can pay in the Social Security portion of FICA is $7,979.40, and double that for self-employed people. The earnings test exempt amounts have also increased to $17,040 per year for those under full retirement age and to $45,360 for the calendar year a beneficiary attains full retirement age. 

All of these figures will be updated for reports run January 1, 2018 and after. 

Subscribe to Social Security Timing

Get blog notifications in your inbox.

Posted by Katie Godbout, Director of Sales & Marketing
Katie thrives on making an impact and achieving big goals. She believes that communication strategy has a major impact on business success. As a strategic communicator with a diverse background in non-profit, B2B, healthcare, and SaaS, Katie combines her expertise in strategy development, marketing and sales to spread the word about how Covisum can help advisors and institutions inform their clients of the best financial decisions.