Social Security benefits are going up

Nov 1st, 2018 | By | Category: Spotlight

Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019.
In its announcement last month of the increase, the Social Security Administration said the cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin earlier, on Dec. 31, 2018.
Some people receive Social Security and SSI benefits.
The federal Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the U.S. 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 $132,900 from $128,400.
Officials said Soci

About 67 million Americans will have a little more money in their pockets when their Social Security benefits increase 2.8 percent in 2019.

al Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amounts. This year, for the first time, most people who receive Social Security payments will be able to look up their COLA notice online through their accounts at www.socialsecurity.gov/myaccount.
Information about Medicare changes for 2019, when announced, will be available at www.medicare.gov. For Social Security beneficiaries who are also receiving Medicare, their new benefit amounts won’t be revealed until after the Medicare premium amounts for 2019 are announced, officials said.
Social Security and SSI monthly benefits increased 2 percent in 2018.

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