Sunday, October 21, 2018

Social Security announces 2.8% benefit increase for 2019

By on October 11, 2018

SAN JUAN – Social Security and Supplemental Security Income (SSI) benefits for more than 67 million people will increase 2.8 percent in 2019, the Social Security Administration announced Thursday.

The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January. Increased payments to more than 8 million SSI beneficiaries will begin on Dec. 31, 2018.

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 $132,900 from $128,400,” the agency’s release added.

It also announced that this year, for the first time, most people who receive Social Security payments will be able to view their COLA notice online through “my Social Security account.”

Information about Medicare “changes for 2019, when announced” in December, the agency said, will be available at www.medicare.gov, adding that, for Social Security beneficiaries receiving Medicare, Social Security “will not be able to compute their new benefit amount until after the Medicare premium amounts for 2019 are announced.”

To learn more, visit www.socialsecurity.gov/cola.

See a fact sheet published by the agency showing the effect of the various automatic adjustments.

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