Press Release
Monday, November 27, 2017
For Immediate Release
Updated 2018 Taxable Maximum Amount Announced
Lower Amount Based on Corrected W2s Provided to Social Security by Payroll Service Provider
In October of each year, the Social Security Administration announces adjustments that take effect the following January that are based on the increase in average wages. Based on the wage data Social Security had at the time of the October 13, 2017, announcement, the maximum amount of earnings subject to the Social Security tax (taxable maximum) was to increase to $128,700 in 2018, from $127,200 in 2017. The new amount for 2018, based on updated wage data reported to Social Security, is $128,400.
This lower taxable maximum amount is due to corrected W2s provided to Social Security in late October 2017 by a national payroll service provider. Approximately 500,000 corrections for W2s from 2016 resulted in changes for three items based on the national average wage: the 2018 taxable maximum, primary insurance amount bend points--figures used in the computation of Social Security benefits--and family maximum bend points. No other items based on national average wages were affected.
The change to the taxable maximum does not take effect until January 2018, and the updated bend points in the benefit computation only apply to people who initially become eligible for Social Security benefits in calendar year 2018. This does not affect current beneficiaries.
For more information about the updated 2018 taxable maximum amount, please visit www.socialsecurity.gov/oact/COLA/cbb.html. Additional information about the new 2018 bend points may be found at www.socialsecurity.gov/oact/COLA/Benefits.html and www.socialsecurity.gov/oact/COLA/bendpoints.html.
An updated Federal Register notice will be published soon to reflect these changes.
Press Release
Friday, October 13, 2017
For Immediate Release
Social Security Announces 2.0 Percent Benefit Increase 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 Social Security Administration announced today.
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) The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor's Bureau of Labor Statistics.
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $128,400 (1) from $127,200. Of the estimated 175 million workers who will pay Social Security taxes in 2018, about 12 million will pay more because of the increase in the taxable maximum.
Information about Medicare changes for 2018, when announced, will be available at www.medicare.gov.
The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.
NOTE TO CORRESPONDENTS: Attached is a fact sheet showing the effect of the various automatic adjustments.
(1) This amount was updated per our November 27, 2017 press release titled, Updated 2018 Taxable Maximum Amount Announced.
Press Release
Tuesday, September 5, 2017
For Immediate Release
Social Security Expedites Decisions to Those with Serious Disabilities
Compassionate Allowances List Grows
Nancy A. Berryhill, Acting Commissioner of Social Security, today announced three new Compassionate Allowances conditions: CACH--Vanishing White Matter Disease-Infantile and Childhood Onset Forms, Congenital Myotonic Dystrophy, and Kleefstra Syndrome. Compassionate Allowances are a way to quickly identify serious diseases and other medical conditions that meet Social Security's standards for disability benefits.
"Social Security is committed - now and in the future - to continue to identify and fast-track diseases that are certain or near-certain to be approved for disability benefits," said Acting Commissioner Berryhill.
The Compassionate Allowances program identifies claims where the applicant's disease or condition clearly meets Social Security's statutory standard for disability. Many of these claims are allowed based on medical confirmation of the diagnosis alone, for example pancreatic cancer, amyotrophic lateral sclerosis (ALS), and acute leukemia. To date, almost 500,000 people with severe disabilities have been approved through this fast-track policy-compliant disability process, which has grown to a total of 228 conditions.
By incorporating cutting-edge technology, the agency can easily identify potential Compassionate Allowances and quickly make decisions. For other disability cases not covered by the Compassionate Allowances program, Social Security's Health IT program brings the speed and efficiency of electronic medical records to the disability determination process. When a person applies for disability benefits, Social Security must obtain medical records in order to make an accurate determination. It may take weeks for health care organizations to provide records for the applicant's case. With electronic records transmission, Social Security is able to quickly obtain a claimant's medical information, review it, and make a determination faster than ever before.
"The Compassionate Allowances and Health IT programs are making a real difference by ensuring that Americans with disabilities quickly receive the benefits they need," added Ms. Berryhill.
For more information about the program, including a list of all Compassionate Allowances conditions, please visit www.socialsecurity.gov/compassionateallowances.
To learn more about Social Security's Health IT program, please visit www.socialsecurity.gov/hit.
People may apply online for disability benefits by visiting www.socialsecurity.gov.
To create a my Social Security account, please visit www.socialsecurity.gov/myaccount.
Press Release
Thursday, August 31, 2017
For Immediate Release
Important Social Security Information for People Affected by Hurricane Harvey
Many Social Security and Supplemental Security Income (SSI) benefit payments are scheduled for Friday, September 1. The following information covers the various delivery methods for these payments in the wake of Hurricane Harvey.
Payments by Paper Check Delivered by the US Postal Service
Hurricane Harvey's impact on the Gulf Coast resulted in the temporary suspension of mail delivery service, as well as the closure of some postal facilities in the Houston area. The U.S. Postal Service is providing additional information on how customers displaced by Hurricane Harvey can retrieve checks they receive via the mail.
Provided here about.usps.com/news/state-releases/tx/tx.htm is a list of Post Office locations, by ZIP Code, where checks will be made available for pick-up beginning Friday, September 1. People must have proper identification to receive their check.
Payments by Direct Deposit
Nearly all payments issued by direct deposit will arrive as scheduled. If a person's payment is delayed, they should contact their financial institution. If the financial institution is not operating, please see the "emergency payment" information below.
Payments by Direct Express Debit Card (a Treasury Department program)
For recipients in the affected areas who receive their payment through a Direct Express card, fees will be waived, even if they have evacuated out of the area. Payments will be posted to Direct Express cards on September 1.
People may contact Direct Express at 1-888-741-1115.
Emergency Payment Locations
Social Security has established three emergency payment locations in Texas and two in Louisiana where Social Security and SSI beneficiaries may request an immediate payment in person if they cannot receive their regular payment. The locations and hours are:
For Friday, September 1:
-
Houston:
NRG Center
2 NRG Park
Houston, TX 77054
From 9:00 AM - 4:00 PM
-
Dallas:
Kay Bailey Hutchison Dallas Convention Center
650 S. Griffin Street
Dallas, TX 75202
From 9:00 AM - 4:30 PM
-
Austin:
Tony Burger Center
3200 Jones Rd
Austin, TX 78745
From 9:30 AM - 3:00 PM
For Saturday, September 2:
Texas
-
Houston: (Change in Location)
George R. Brown Convention Center
1001 Avenida de las Americas
Houston, TX 77010
From 9:00 AM - 4:00 PM
-
Dallas:
Kay Bailey Hutchison Dallas Convention Center
650 S. Griffin Street
Dallas, TX 75202
From 9:00 AM - 4:30 PM
-
Austin: (Change in Location)
7000 Metropolis Dr.
Austin, TX 78744
From 9:30 AM - 3:30 PM
Louisiana (Two New Locations)
-
Alexandria:
Department of Children and Family Services (DCFS)
8125 71 Louisiana Hwy. 1208-4
Alexandria, LA 71302
From 9:00 AM - 4:00 PM
-
Lake Charles:
Lake Charles Civic Center
900 Lakeshore Dr.
Lake Charles, LA 70601
From 9:00 AM - 4:00 PM
For people who cannot receive their regularly scheduled Social Security payment as a result of Hurricane Harvey, in most cases they can go to any open Social Security office and request an immediate payment. A list of offices that are currently closed,c as well as additional information for the public, is available at www.socialsecurity.gov/emergency.
To find the nearest open Social Security office outside of the affected areas, call 1-800-772-1213 (TTY 1-800-325-0778) or go to www.socialsecurity.gov/locator.
Press Release
Wednesday, July 19, 2017
For Immediate Release
Social Security and Johns Hopkins Medicine Collaboration Makes Social Security Disability Process More Efficient
Cuts Costs, Saves Time, and Improves Service
Nancy A. Berryhill, Acting Commissioner of Social Security, announced a new collaboration to access medical records electronically from Johns Hopkins Medicine. Headquartered in Baltimore, MD, it is one of the leading health care systems in the United States and serves over 2.8 million outpatient visitors annually.
Johns Hopkins Medicine will transmit complete secure medical records for Social Security disability applicants, with the appropriate patient consent. Social Security will receive medical records within minutes or hours, as compared to weeks through the traditional manual process (mail, fax, or secure website). The electronic process saves time and money.
"This fast, safe, and secure method for receiving medical records will significantly shorten the time it takes to make a disability decision and makes the process more efficient," Acting Commissioner Berryhill said.
Over the last several years, Social Security has entered into similar relationships. In late June, Social Security began receiving electronic medical records from Stormont Vail Health, based in Topeka, KS, and University of Utah Health, based in Salt Lake City, UT. Social Security plans to continue expanding health IT partners with new high volume organizations, as well as additional facilities with existing partners.
People may apply online for disability benefits by visiting www.socialsecurity.gov.
To create a my Social Security account, please visit www.socialsecurity.gov/myaccount/.
To learn more about Social Security's Health IT program, please visit www.socialsecurity.gov/hit.
Press Release
Thursday, July 13, 2017
For Immediate Release
No Change for Social Security Combined Trust Fund Reserves Depletion Year Says Board of Trustees
Disability Fund Improves by Five Years
The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year, with 77 percent of benefits payable at that time. The DI Trust Fund will become depleted in 2028, extended from last year's estimate of 2023, with 93 percent of benefits still payable.
In the 2017 Annual Report to Congress, the Trustees announced:
- The asset reserves of the combined OASDI Trust Funds increased by $35 billion in 2016 to a total of $2.85 trillion.
- The combined trust fund reserves are still growing and will continue to do so through 2021. Beginning in 2022, the total annual cost of the program is projected to exceed income.
- The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034 - the same as projected last year. At that time, there will be sufficient income coming in to pay 77 percent of scheduled benefits.
"It is time for the public to engage in the important national conversation about how to keep Social Security strong," said Nancy A. Berryhill, Acting Commissioner of Social Security. "People understand the value of their earned Social Security benefits and the importance of keeping the program secure for the future."
Other highlights of the Trustees Report include:
- Total income, including interest, to the combined OASDI Trust Funds amounted to $957 billion in 2016. ($836 billion in net contributions, $33 billion from taxation of benefits, and $88 billion in interest)
- Total expenditures from the combined OASDI Trust Funds amounted to $922 billion in 2016.
- Social Security paid benefits of $911 billion in calendar year 2016. There were about 61 million beneficiaries at the end of the calendar year.
- Non-interest income fell below program costs in 2010 for the first time since 1983. Program costs are projected to exceed non-interest income throughout the remainder of the 75-year period.
- The projected actuarial deficit over the 75-year long-range period is 2.83 percent of taxable payroll - 0.17 percentage point larger than in last year's report.
- During 2016, an estimated 171 million people had earnings covered by Social Security and paid payroll taxes.
- The cost of $6.2 billion to administer the Social Security program in 2016 was a very low 0.7 percent of total expenditures.
- The combined Trust Fund asset reserves earned interest at an effective annual rate of 3.2 percent in 2016.
The Board of Trustees usually comprises six members. Four serve by virtue of their positions with the federal government: Steven T. Mnuchin, Secretary of the Treasury and Managing Trustee; Nancy A. Berryhill, Acting Commissioner of Social Security; Thomas E. Price, M.D., Secretary of Health and Human Services; and R. Alexander Acosta, Secretary of Labor. The two public trustee positions are currently vacant.
View the 2017 Trustees Report at www.socialsecurity.gov/OACT/TR/2017/.
Press Release
Friday, May 12, 2017
For Immediate Release
Emma and Noah Remain Social Security's
Most Popular Baby Names for 2016
Emma and Noah are again America's most popular baby names, for the third year in a row. This marks the fourth year at number one for Noah and the third for Emma. There is only one new name in the top 10 this year—Elijah, the first time he has ever reached the list of 10. Like a name, Social Security is with you through life's journey, starting at birth when newborns receive their Social Security number.
Here are the top 10 boys and girls names for 2016:
| Boys |
Girls |
| 1. Noah |
1. Emma |
| 2. Liam |
2. Olivia |
| 3. William |
3. Ava |
| 4. Mason |
4. Sophia |
| 5. James |
5. Isabella |
| 6. Benjamin |
6. Mia |
| 7. Jacob |
7. Charlotte |
| 8. Michael |
8. Abigail |
| 9. Elijah |
9. Emily |
| 10. Ethan |
10. Harper |
For all the top baby names of 2016, and to find where your own name ranks, go to Social Security's website, www.socialsecurity.gov/babynames/.
As is tradition on Baby Names Day, Acting Commissioner Nancy A. Berryhill encourages everyone to visit the agency's website, enjoy the baby names list, and create a my Social Security account at www.socialsecurity.gov/myaccount. my Social Security is a personalized online account that people can use beginning in their working years and continuing through to the time they receive Social Security benefits.
Social Security beneficiaries can have instant access to their benefit verification letter, payment history, and complete earnings record by establishing a my Social Security account. Beneficiaries also can change their address, start or change direct deposit information, and print a replacement SSA-1099 online. People receiving Social Security can request a replacement Medicare card online.
Individuals age 18 and older who are not receiving benefits can also sign up for a my Social Security account to get their personalized online Social Security Statement. The online Statement provides workers with secure and convenient access to their Social Security earnings and benefit information, and estimates of future benefits they can use to plan for their retirement.
The agency began compiling the baby name list in 1997, with names dating back to 1880. At the time of a child's birth, parents supply the name to the agency when applying for a child's Social Security card, thus making Social Security America's source for the most popular baby names.
Each year, the list reveals the effect of pop-culture on naming trends. This year's winners for biggest jump in popularity in the Top 1,000 are Kehlani and Kylo.
Kehlani rose 2,487 spots on the girls' side to number 872, from number 3,359 in 2015. Perhaps this can be attributed to Kehlani Parrish, a singer/songwriter who was nominated for a Grammy in 2016. She was named an artist to watch and clearly new parents agree her star is rising. Kehlani collaborated with Zayn Malik, the former One Direction star and current solo artist, on a song in 2016. The name Zayn also made the boys fastest riser list.
The force was strong for Kylo in 2016 as he soared 2,368 spots for the boys, from number 3,269 in 2015 to number 901. Kylo Ren, the son of Han Solo and Princess Leia and the grandson of Darth Vader, was a character in the 2015 film Star Wars: The Force Awakens. Perhaps Kylo can continue to harness the force and climb even higher in the coming years.
The second fastest riser for girls was Royalty. The royal family likely had something to do with this increase in popularity, or the 2015 World Series champions, the Kansas City Royals, may have influenced parents-to-be.
For boys, it was Creed. This could be attributed to the return to the silver screen of America's favorite boxer Rocky Balboa in the 2015 movie Creed, where Rocky trains and mentors Adonis Johnson Creed, the son of his late friend and boxing rival, Apollo Creed. The name Adonis just happens to be the number four fastest riser on the list for boys.
Please visit www.socialsecurity.gov/babynames/ to view the entire list.
Press Release
Monday, April 10, 2017
For Immediate Release
Social Security Launches First “National Social Security Month” in April
Agency Lays Out Five Steps to Financial Security
Nancy A. Berryhill, Acting Commissioner of Social Security, invites everyone to celebrate the first National Social Security Month in April by taking five steps toward financial security at www.socialsecurity.gov/5-steps-toward-your-financial-security. During the month, Social Security will provide educational articles and video messages on its website featuring personal finance expert Suze Orman. Each message will provide the public with practical tips for developing a sound financial plan that includes Social Security as a foundation.
"With retirement, disability, and survivors benefits, Social Security helps secure today and tomorrow for millions of people throughout life's journey," Acting Commissioner Berryhill said. "By hosting National Social Security Month, we hope to help the public understand their Social Security protections and promote financial education."
The National Social Security Month campaign will emphasize the agency's five key steps toward financial security:
- Get to know your Social Security
- Verify your lifetime earnings with a my Social Security account
- Estimate your future Social Security benefits at my Social Security
- Apply online for retirement, disability, or Medicare benefits
- Manage your Social Security benefits
On average, Social Security replaces approximately 40 percent of pre-retirement earnings. To enjoy a comfortable retirement, most people will also need income from other sources — like pensions, savings, and investments. Yet nearly a third of America's workers have no money set aside specifically for retirement.
Throughout the month of April, groups and organizations will join Social Security across the country to help spread the word. The agency will be conducting social media outreach, including a Facebook Live Chat:
Social Security will participate in a Facebook Live Chat, hosted by USA.gov, on April 20, 2017, at 7:00 p.m. ET. The public may ask questions via livestream about the "5 Steps Toward Financial Security."
To participate, follow USA.gov and Social Security on Facebook.
Disclaimer: The Social Security Administration does not endorse any particular financial advisory product or service.
