The Social Security Administration recently announced that Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019.
The 2.8 percent 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 on December 31, 2018. (Note: some people receive both Social Security and SSI benefits).
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.
Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. This year, for the first time, most people who receive Social Security payments will be able to view their COLA notice online through their Social Security account. People may create or access their Social Security account online at www.socialsecurity.gov/myaccount.
Information about Medicare changes for 2019, when announced, will be available at www.medicare.gov. 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. Final 2019 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security’s Message Center.
The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.
The Law Firm of Hoskins, Turco, Lloyd & Lloyd is here to help you decide when to apply for Social Security and/or how to navigate the application process. Our experienced Social Security attorneys provide our clients with one-on-one, personalized representation to ensure you receive the benefits you deserve. If you have been denied Social Security benefits or believe you have been wrongfully terminated by the SSA, contact us today for a free consultation. Our highly skilled and successful team of legal professionals will improve your chances of winning disability benefits.
Don’t fight this stressful situation on your own. Filing for Social Security benefits is a time-sensitive process, so do not delay in calling us today at 1-866-460-1990.