Social Security Bringing Several Benefits Changes To You In 2019
First, recipients will get a 2.8 percent cost-of-living adjustment (COLA) in monthly benefits beginning in January, 2019. The average individual retired Social Security beneficiary is expected to see a monthly benefit jump from $1,422 to $1,461. The estimated monthly increase is $39, or $468 a year.
If you are between ages 62 and 66 or 67 (full retirement age) and working while receiving monthly Social Security benefits, you may now earn up to $17,640 before the Social Security Administration will deduct $1 for every $2 you earn.
In the year you turn your full retirement age, the earnings limit will be $46,920 before the agency will deduct $1 for every $3 you earn until the month you reach full retirement age. (For those born between 1943 and 1954, full retirement age is 66. It increases by two months for each year after until 67.)
For those people still working and not yet reached retirement age, your federal deductions towards Social Security will increase.
Workers pay 6.2 percent of their earnings to fund the benefit and thier employers match it at the same 6.2% rate.
In 2019, the maximum amount of earnings subject to the Social Security tax will increase from $128,400 to $132,90
Social Security: Work Credits Increase In 2019
The earnings required for one work credit — that is, three months of Social Security coverage, increases from $1,320 to $1,360 for 2019.
The Social Security Administration uses credit to determine if you qualify for benefits.
You can earn up to four credits a year if you earn at least $5,440. In most cases, you need a minimum of 40 credits to qualify for benefits.
Supplemental Security Income (SSI) will get an increase in their monthly payment.
SSI is a federal program that helps the aged, blind and others with disabilities who have little or no income. The SSI supplement by provides funds for food, clothing and shelter. The individual amount increases by $21 a month, from $750 to $771. The amount for couples rises $32, from $1,125 to $1,157.
You can easily check the amount of your Social Security; just go to SSA.gov if you currently have an account. To check the amount of your 2019 Social Security monthly benefit, go to SSA.gov,
If you don’t have an account, go to www.socialsecurity.gov/myaccount. Follow the instructions to register and to open your account.