Our Place Is Your Place for the Best in Boquete
Social Security Benefits to Increase in 2019
Posted on October 11, 2018 by Jim Borland, Acting Deputy Commissioner for Communications
Usually there is an increase in the Social Security and Supplemental Security Income (SSI) benefit amount people receive each month, starting the following January. By law, federal benefits increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The CPI-W rises when prices increase for the things the average consumer buys. This means that when prices for goods and services we purchase become more expensive, on average, the COLA increases monthly benefit levels and helps you keep up with the changing cost of living.
As a result, more than 67 million Americans will see a 2.8 percent increase in their Social Security and SSI benefits in 2019.
January 2019 marks other changes that will happen based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax, as well as the retirement earnings test exempt amount, will change in 2019.
Want to know your new benefit amount as soon as possible? In December 2018, we will post Social Security COLA notices online for retirement, survivors, and disability beneficiaries who have a my Social Security account. You will be able to view and save these COLA notices securely via the Message Center inside my Social Security.
Be the first to know! Sign up for or log in to your personal my Social Security account today and choose email or text under “Message Center Preferences” to receive courtesy notifications so you won’t miss your electronic COLA notice!
This year, you will still receive your COLA notice by mail. In the future, you will be able to choose whether you receive your notice online instead of on paper. Online notices will not be available to representative payees, individuals with foreign mailing addresses, or those who pay higher Medicare premiums due to their income. We plan to expand the availability of COLA notices to additional online customers in the future.
WOW!!! This is great news, 2.8% RAISE, this is 2.8% greater than the last administration gave me.
Thanks for posting Vista2
The cost of Medicare Part B will probably go up. One year I got less SS because of that.
Medicare will be $135.50 in 2019. That's a rise of $1.50 per month.
The nation’s 67.6 million Social Security beneficiaries will receive a 2.8 percent cost of living increase next year, the Social Security Administration announced Thursday. That translates to an monthly boost of $39 to a total of $1,461 for the average beneficiary.
But as economics correspondent Paul Solman has reported, that increase could largely be offset by an increase in health care costs.