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HomeMy WebLinkAbout5.21.2018 Handout Public Comment Adamski Sociz:-1 Security Cost-of-Living Adjustment (COLA) Information Cost-of-Living Adjustment (COLA) Information for 2018 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. (Note: some people receive both Social Security and SSI benefits) Read more about the Social Security Cost-of-Living adjustment for 2018. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $128,400.11), 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. (We deduct $1 from benefits for each $2 earned over $17,040.) The earnings limit for people turning 66 in 2018 will increase to $45,360. (We deduct $1 from benefits for each $3 earned over $45,350 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. Read more about the COLA, tax, benefit and earning amounts for 2018. Medicare Information Information about Medicare changes for 2018, when announced, will be available at www.Medicare.gov. History of Automatic Cost-Of-Living Adjustments (COLA) The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA. The CPI-W is determined by the Bureau of Labor Statistics in the Department of Labor. By law, it is the official measure used by the Social Security Administration to Calculate COLAs. Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975. Before that, benefits were increased only when Congress enacted special legislation. Beginning in 1975, Social Security started automatic annual cost-of-living allowances. The change was enacted by legislation that ties COLAs to the annual increase in the CPI-W. The change means that inflation no longer drains value from Social Security benefits. • The 2018 COLA • The 2017 COLA • The 2016 COLA • The 2015 COLA • The 2014 COLA • The 2013 COLA • The 2012 COLA The 1975-82 COLAs were effective with Social Security benefits payable for June (received by beneficiaries in July) in each of those years. After 1982, COLAs have been effective with benefits payable for December (received by beneficiaries in January). Automatic Cost-Of- Living Adjustments received since 1975 July 1975 -- 8.0% January 1988 -- 4.2% July 1976 -- 6.4% January 1989 -- 4.0% July 1977 -- 5.9% January 1990 -- 4.7% July 1978 -- 6.5% January 1991 -- 5.4% July 1979 -- 9.9% January 1992 -- 3.7% July 1980 -- 14.3% January 1993 -- 3.0% July 1981 -- 11.2% January 1994 -- 2.6% July 1982 -- 7.4% January 1995 -- 2.8% January 1984 -- 3.5% January 1996 -- 2.6% January 1985 -- 3.5% January 1997 -- 2.9% January 1986 -- 3.1% January 1998 -- 2.1% January 1987 -- 1.3% January 1999 1.3% January 2000 -- 2.5% U January 2010 -- 0.0% January 2001 -- 3.5% January 2011 -- 0.0% January 2002 -- 2.6% January 2012 -- 3.6% January 2003 -- 1.4% January 2013 -- 1.7% January 2004 2.1% January 2014 -- 1.5% January 2005 -- 2.7% January 2015 -- 1.7% January 2006 -- 4.1% January 2016 -- 0.0% January 2007 -- 3.3% January 2017 -- 0.3% January 2008 -- 2.3% January 2018 -- 2.0% January 2009 -- 5.8% This amount was updated per our November 27, 2017 press release titled, Updated 2018 Taxable Maximum Amount Announced. (2) The COLA for December 1999 was originally determined as 2.4 percent based on CPIs published by the Bureau of Labor Statistics. Pursuant to Public Law 106-554, however, this COLA is effectively now 2.5 percent. 2/15/2019 Historical Inflation Rate-Annual Inflation rales from 1913 to the present ilnnatlonData.com To see an in depth view of the inflationary makeup of each decade: 1 1913-19 1 1920-29 1 1930-39 1 1940-491 1950- 59 1 1960-69 1 11970-79 1 1980789 I Coming soon 1990.99 12000-09 : 2010-Present 4- CJ f V Note: In January 2017 the BLS modified the CPI numbers for May - August 2016 due to a miscalculation based on prescription drug prices. The original inflation slumbers were as follows: May 2016: 1.022%,June 2016: 1.006%,July 2016: 0.835%, August 2016: 1.065%. Note since the difference is quite small we've stretched them out to 3 decimal places so you can see the difference. The new numbers are: May 2016: 1.019%,June 2016: 0.997%,July 2016: 0.827%, August 2016: 1.063%. Note: When rounded to only 1 decimal point(as the BLS does)you can't see any difference. jump to Bottom of tnflat on Table or c+ick'year"t:i reve-se order.Cl rk'Ave'to son years by A--el age Annual inf'ati-an rate ra;ne•tha--.date lc ick ,%.,n to reverse). Blank Cells indicate that the data is not available because it has not been released by the Bureau of tabor Statistics yet, Historical Annual U.S. Inflation Rate from 1913 to the present YEAR JAN FEB MAR A ala 2.07% 017 2.50% 2.74% 2,38% 2,2095 1.87% 1.63% 1.7395 1.94 2 23 i 2.a:% 22a% 2 11°n 13% 016 1.37% 1.02% 0.85% 1,43% 1.02% 1.001% 83%,5 1.06% 1,46% 1.64% 1.69%: 207% 1.26% 015 0.09% 0.03% 0.07% .2095 0.04% 0,12% .17% 0.20% U.04 D.17; SO 5u 0 73% 0 12% 014 1,58 55 1.13% 1,51 95 1.95% 2.13% 2,07% 1,99% 1.70'A 1.66% 1.66% 1,32% 0.76% 1.62% 01.3 1.59% 1,98% 1.47% 1.06 1P; 1.36% 1,75% 1,96% 1.52% 1.1 S% ),96% 1.24 Y3 1.50% 1.47% 012 2.93% 2.87% 2Z5 95 .30 56 1,70% 1.66% 1,41% 1.69% 1,99% 2.16% 1.76=5 1.74% 2.07% 011 1.63% 2.11% 2 68% 3.161;5 3.57% 3.56% 3.63% 3.779 3.87% 3.5355 3.39% 296% 3.16% 010 2,63% 2.14% 2.31% 2.24% 2M% 1.05% 1,24% 1.15% 1.14% 1.17% 1.14% 1.505: 1.496 004 0,03% .24% 0.38% 0.7445 1.28% 34395 210% 1.48% .1.29cA .0.16% 1.94% 2.72% 034% 008 4.28% .03% 3.90% 3.94% 4-18% 5.02% 5,60% 5,37% 4.94% 3.66% 1.07% 0.09% 3.85% 007 .08% 2.42% 2,79% 7.57% 2.69% 2.69% 2.36% 1,97% 2.76% 3.54% 4.31% 409% 2,65% haps:!rintlationdata.com/in lationlin8alion RatotHistoricallntlaUon.aspx 2l13 211512018 Historical Inflation Rate-Annual Inflation rales from 1913 to the present JlnflationData.com 2006 1.99% 3.60% 36% 3.55% 4,17% 1.32% 1.15% 3.82% 2.06% 1.31% 1.97% 2.54% 24% 005 2.97% 301% 3,15% 3.51% 2.80% 2.53% 17% 3.64% 469% 4.35% 3.46% 3,42% 3.39% 004 1.93% 169% 1,74% 2.29% 3.05% 327% 2 99% 2.65% 2.54% 3.19% 3,52% 3 26 45 2 68 ifs 003 2.60% 2.98% 3.02% 2.22% 2.06% 2 11% 2.11% 2 16% 2 32% 2 04% 177% 1 8895 2 27¢,5 002 1.14% 1.144, 1.4855 1.64% 1.18% 1.07% f.46% 1,80% 151% 2.03% 2.20% 238% 1.59% 200E 1.73% 3.53% 2.92% 3.27% 362% 3 2545 2.72% 2.72% 2.65% 2.13% 1,90% 1,55% 2.83 95 7000 2.74% 3.22% 3.76% 3 07 S5 3.19% 3.7345 ?66% 3.41% 3.45% .45% 3.45% 319% 3.38% 1999 11.67% 1.6145 1.73% 228% 2.09% 1.96% 714:5 2.26% 2.63% 2.56% 2,62% 68% 2.19% 1998 1.57% 1,44% 1.37% 1.44% 1.69% 1 68°5 11.69% 1,624 149% 1.4996 155% 1.61% 155% 1997 3.04% 303% 2,76% 2.50% 2,23% 210% 2.23% 2.2.3% 2.15% 2,08% 1.83% 170% 2.34% i M6 2.73% 65% 2.84 45 2.90°,6 2.89 45 275% 12 97% 442.88 h 3 00% 2.99% 3.26% 332% 2 93% 1995 12.80% 86% 2.85% 3.05% 3.19% 3.0445 2.76% {{L62% 254% 2.81% 61% 2 54% 81% i 199a 2.52"s6 2.52% .51% 2.36 S5 ,29% 2.49 9, 277% -1.90% 2.96% 261% 167% 2.67% 2 61% I ' 1933 k3.26% 3.25% 3.09% 1.23% .22% 3.00% 2 78% -2.77% L69% 2,75% 2,66% 2.7594 2,96% 1992 2.60% .82% 3.191'/5 3,18% .02% 09°r5 3.16% 3.15% 2.99% 3.20% 3.05% 290% 303% 1991 A 90% 4 89% .95% 4.70% 145 S5 -80% 3,39 9y 2.92% 2.99% 3.06% 4.25% 1990 5.20% 5.26% 5.23 4.71% 9.36% 4.67% 1,82% �r.62% 6.16% G29% 6.27�L 611% 5.39% 1989 3.671A -1834 5.12% 536% 5.17% 11.98 431% a 34% 449% .66% C65% 83% 1938 4.05,16 .94% 3 93% 3.90% 3.89% 3 961'i!, 41 13 ra :.02 4; '.17% 4 25% .25% 4.42% 408% 1987 1.46% 10% 3 03 45 3.78/rS 3.86% 3.65% 3 93 Ss 4 26% .36% d.53% .53% 4.43% 3,66% i 1986 .89% 11% 2.2 C; 1,59 56 1.49% 1.77% 1.58T, .1.57% 1,75% 1,47116 1.28% 1.10% 191% 1985 53% Q% 3.70 is 369% .77% 3.76% 3,55% 3.35% I1.145 3.23% 3.51% 380% 3.55% 198.1 1.1916 4.60% 4.80% 1,56% 4.23% 4.22% 20% ;.29% 427% 426% 1.05% 395% 4 30% 1983 3 GO 3.9D% 3.55% 2 58% '.46 Si 256% 2.86 35 2.65% 3.27% 3 79% 3.22% k 1982 8.39 S6 7.62% 6.78% 6.51% 6 68% 06% 44",o ..85% 5.04% 5,14% 4.59% 33341, 6.16% 1981 41.83 45 11.41% 10.49% 10.00% 9.78% 9 55% 91'10.76% 10 80% 1095% 10,14% 9.59% B92% 10,35% 1980 113,91 5 14,18% 14,76% 14.73- % 14,41% 14.38% 13,13% 12,37% 12.60% 12.77% 12.65% 12.52% 1358% 1979 9.28"% 9.86% 10.09% 10.49% ;0.85% 10.89% 11.26% 11,82% 12,18% 12.07 t;6 12.61% '3 29% 11,22% 1918 6.84% 6 434S 6.55 45 5,505S 6,97% T41% .70% 7.84 9°, 8.31% 6.93% S.89% 9.02% 7 62 4a 1 I 977 5,22 96 ',91% 6.4.1% 6,95% G,73% 587% .83 95 5.62% 6 60% 6.39% 6-72% 6.70% 6.50% 1973 x.72% 6,29% i 07% 5,05% 5.20% 5.97% .35% 5,71% 5.49 45 5.46% 1.88% 186% 575% 1975 11.80% 11.23'% 10.25% 10.21% 9.0% 939% 72% 8.60% 791% 7,44% 738% 694% .20% 1974 9,39% 10.02% 10.39% 10.09% 10,71% 10-86% 11.51% 1 D 86% 11.95% 12,06% 12 2D% 12-34% 11.03% https-llinflationdata.com/Inflation!Inflation_Rate/Historicallnflation_aspx Y13 2115/2018 Historical Inflation Rate-Annual Inflation rales from 1913 to the present llnflationData.com 1973 165% 3.87% 4.59 4' 506% 5.53% 6.00% 5.73% 7.1a% 7.36% 7,80% 8.25% 8.71 3 6A6% 1972 3.27% 3.51% 3.50% 3-49% 3.23% 2.71% 2.95% 2.94% 3.1955 3.42% 3.67% 3.41 3.27% 1971 5.29% 5.000/4 4.71% ,16% 4.40% 4.64% 1.36% I.C2% OR 3.81% 3,28% 3.27% .30 t5 1970 6.18% 6.15% 5.82% .06% 6-04% 6.01% S.98% 5,41% 5.66% 5.63% 5.60% 5.57 55 184 36 1969 4,40% 4.68% 5.25% 5.52% 5.5146 48% .44% 5.71% 5.70 5.67 95 5.93% 6.20% 5.46'Y- $968 1968 .65% 3.95% 3.94% 3.93% 3.92% 20 35 4.49% 148% 1.46% '.75% 1.73% 4,72% .27=,c 1967 3.46% 281% 2.90% Z.48% .79% .78 4; 2.773'- '45% 2.75 55 243% .74'F 3.04 cc .78% 1966 1.92% 2,56% 2.569- 287% M7% 2.53% 2 55% 3,48% 3-4855 3.79% 3.79% 3.46 45 3.01% 1965 0.97% 0.97% 1,29% 1,62% 1.62 t 1.94% 1.61% 1.94% 1,61% 1,93% 1.60 35 1.92% 1,594- 1964 ,59451964 1.64% 1.64% 1.314 1.31% 1.31% 1.31% 1.30% 0.9a% 1.30% 0.97% 1.30% 0.97% 1,28% 1963 1.33% 1,00% 1.33 0.99% .99% 1.32% 1.32% 1.32% 0.99% t.32% 1.32% 1.64% 1,24 1962 017% 1.01% 1.01% 1.34% 1.34 35 1.34% 1.00% 1.34% 1,33% 1,33% 1.33% 1.33% 1,20 F 1961 1.71% 1.36% 1,36% 1.02% 1.02% ).68% 1.35 55 1.01% 1.35% 0.67% 0.67% G 67% 1.07 1960 1.03% 1.73% 1,73% 1.72% 1.72% 1.72% 1,37% 1,37% 1,02% 1.36'Y6 1136% 1.36% 1.116% 1959 1.40% 1.05 at 3.35% 0.35% 1.35% 0.69% 0,69% 1,04% 1.38?. 1.73% 1.38% 1.73% 1.01 1958 3,62% 3.25% 60% 3.58% 121% 2,85% 47'o 2.12% 2.12% 2.12% 2.11% 1,76% 2.73% ;957 2.99% 3.36% 3.73% 3.72% 3.70% 3.31% 3,28% 3.66% 3.28 56 2.91% 327% 2,90% 3.34 1956 0.37% 0.37 0.37% 0.75% 1.12% 1.87 5; 224% 1,87 35 1.85% 2.23% 2,23% 2.99% t.52 a% 1955 0.74% .0,74% 0,74% -037% 0.74% .0,74% -0.37% -0.37% 0.37% ).37% 0.37% 037% 028% 1954 1,13% 1.51% 1,13% 0,75% 0.75% 0 37% o.37% 0.00% -0 37% 0.74% 0.37% 0.741 6 32% [953 0.38% 0.76 45 1,14% D.76% 1,14% 1.13% 0.37% 0.75 36 0,75% 1.12% 0.75% 0.75% 1.82% 1952 •.33% 2.33% 1.94% .31% 1.93% .32 Sia 309% .09% .30% 1.91% 1.14% .75 it .29% 1951 .09% 36% .32% 1,32% .28% 82% 7,47% 6.5894 6.97% 6.SO% 6.88% 600% 7S8=6 1950 -2.08% -1.26% 0.84% 1.26% fl A2% -0.42% 1.69% 2.10% 2.09% 3,80% 3.78% 5 93% 1.09% 1949 1,27% 1.28% 1.71% 0.42% 0.42 4t -O.B3 55 -2.87% 2.86% -2,45% 287% •1.65% 2.0746 0.95% 1948 10.23% 9.30% 6.85% 8.68% 9.13% 9.55% 9.91% 89% 6,52% •.09% 4.76% 2.99% 7,74% 1947 18,;3% 18.78% 19.67% 1902% 18.38 S% 17.65% 12.12% 11.39% 12.75% 10,59% .45% 6.84;A 14.65% 1946 2.25% 1.69% .81% 137% 3.3s% 3,31% .3945 11.60% 12.71% 14.92% 17.68 45 18.13 4E 0.113% 1945 2.30% .30% 2,30% 1,71% 2.29% .84% 226% .26% 2.26 46 .26% 2,26% 2.25% 2.27:3 1944 2.96% .96% 1.16% 0.57% 0.00% .57% 1.729- .31 3% 1.72% 1.72% 1.72% 2.30% 1.64% 1943 7,64% .96% 7.SD% Br07% 7,36% 7.36% 6.10% 4.85% 545% -.19% 3.57% 2.96% 6.00% 1942 11.35% 12,06% 12.68% 12,59% 13.19% 1088% 11.56% 10.74% 9,27% 9.15% 9.09% 03% 10,97% 1941 1,44% 3.71% 1.4335 .14%, .86% 4,26% 5.00% 43% 7,96 5% 29% 10.00% 9.93% 11% hUps 11inflationdata.comlinflation/Inflation_Rate/Hisloricallnflation aspx 4113 211512018 Historical Inflation Rale-Annual Inflation rates from 1913 to the present ilnflationData.com 1940 •0.71% 0.72 Ob 172% 1.45% 1,45% 2.17% 1.45% 1 45% .0.71% 0,00% OM% 071% 3,73% 1939 -1.41% -1,4256 -1.42% -2.62% 2.13% -2,13% -2.13% -2.13%6 000% 0,00% a 00% 000% 1 30% 1938 0.7196 .0O% 070% 0.70% 208y 2.08% 2.76% •276% 342% 4.11% -3.45% -2.78% 2.01% 1937 2.17% 2.17°F.i 3.65% 438% 11% 435% 132% 57% 429% 4 29% 357% 2 86 U5 3.73% 1936 1.47% 0.73% .00% 0.72% 0.729'i 73% 1.46% .19% 2.19% 219% 1.45% 1.45% 404% 1935 3.03% 3.01 94 3.01% 3.76% 3.76% .24% 2.24% 2.24 0,4 0.7.1^5 1.46» 22% 299% 256% 193: 2.33% 4.7246 55GCA .S6% 5,56% 551% 2.29% 1.51% 3.03%5 2,27% 2,27% 152% 3,51% 1933 .9.79% -9.93% 10,00% 9.35% .8,03% 6 62% 3 fib M 222% 149% -0.75% 0.00% 0.76% -5.09% 1932 -17.06% -10.19% 10.26%6 10.32% -10.46% -993% 9.93% 1060% -10.67% -1074% -1020% .10.27% 19.3! -7.02% -7.65% 7.69% S.B2% 9,47% -10.12% 904% 843% 964%5 970% -10.37% 932% 6.9440 f 930 J00% .0.58% -0.59% 159'r6 .0.59% -1.75% .05% -462% 1105% -462% 5.20% 640% 2.66% 1929 -1.16% 100% -0,58,76 -1,17% 1,1695 0 OO SEs 1.17% 1.17% )00% )58% 058% 0.58% 000% 1923 1,14% -1,72% 1.16^ 1.16% 1.15'/a 284%5 1.16% 058%u .00%5 1.15% 0.58% -1.16% 1.15% 1927 2.23% 2.7944 2.81% 3.35% 2.2544 056% 1.14% 1.154 1.14% 1.14% 2.26'1 -226% 192% 192€ 347% 4,07% 2.09 96 4M% 2.89% 1 14% -1,13% •1 69% -1,13% -O.S6% -167% -1.12% 094% 1925 0.00% 0.00% 1.17%5 1.18% 1.76% z 94%5 3.51% 12% 3.51% 2 91% 65% 3.47% 2.44% 1924 2,99% 2.38% 1.79% 0.591S 0.511% 0.00% O.SB% 0,58% -0.58% -0.58% -0.58% 0.00% 45% 1923 -0.59% 0.59% 0.60% 1.20 56 1.20% 1.80% 2.3896 3.01% 3.61% 3,59% 2.98% 2.37% 1.80% 1922 11.05 45 8,15% -8.74% -7.73% 5.65% 5.11% 5.08% 6,21% -5.14%, -4,57% -3.45% 2.31 96 6.10% 1921 A.55% -5.FA% 7.t 1% 10.84% 1408% -15,79% 14,90 9. -12,81% -12.50% 12.06% -12.1216 -10.82% -10.85% 1920 1697% 20,371A 20,12% 21.56% 21.69% 23.67% 19.54% 14.69% 12.36% ).94% 7.03% 2.65% 15,90% 19t9 17.66%5 14.8956 17.4495 17.61% 165554 14,97% 15.23%5 14.94% 13.38% 13.13% 13.50% 14,55%5 15.31% 1918 19.G6% 17.50% 16.67% 12,70% 13.28% 13.08% 17.97% 18-46% 16.05% 18.52 96 20,74% 20.44% 17.26%5 1917 12.50% 15.38% 14.29% 18.87% 19,63 1,5 20.37% 1652% 1927% 19.82% 1947% 17.39% 18.10% 17,80% !916 2.97% 4.00% G 06 95 6.00 5.94% 6.93% 5.93% 7,92% 9.30% 10.78% 11.65% 12.62% 7,64% 1915 100% 1.01 95 0 00�Y, 2.04 2.02% 2.02% 1,00 55 -0.98% -0-98% .99% .98% 19B% ).92% 1914 2.04% 1.02% 1.02% 0.00%6 2.06% 1,02% 1.01%c 03% 2.00% 1.00% .99% 3.00% 1.35% ReW rn to iap 21 Table A CPI of 195 indicates 95% inflation since 1982*, the commonly quoted inflation rate of say 3% is actually the change in the Consumer Price Index from a year earlier. https,Irinflationdata.com/Inflationllnflation_Rate/HistodcalInflation aspx 5113 N.- — ,.b . � N tA IL 00000,0 c�1 N �l 1, •J � � S N `u �r � ,� � tet, � � � � _ ,� � ^� n = o