2019 Social Security COLA Will Be Biggest in Years
Category: Financial and taxes in retirement
October 14, 2018 — If you receive Social Security or Supplemental Security Income (SSI) benefits, the biggest increase in years is about to come your way. More than 67 million Americans will see an increase of 2.8 percent in 2019. The COLA was 2% in 2018 and .3% in 2016. The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable in January 2019 (which means you will see the increase in your Feb deposit). If your monthly payment is currently $2500, that means a $70/month increase.
Earnings limits also increased
The maximum amount of earnings subject to the Social Security tax (taxable maximum)
Comments on "2019 Social Security COLA Will Be Biggest in Years"
Shumidog says:
Remember, this is based on last years inflation numbers. Inflation is increasing so each year we are only playing catch up every year.
Louise says:
Part B for 2019 is going up $1.50 per person. From $134.00 to $135.50.
https://www.kiplinger.com/article/retirement/T039-C001-S003-medicare-premiums-deductibles-2019-part-b-part-a.html
Rich says:
"Remember, this is based on last years inflation numbers. Inflation is increasing so each year we are only playing catch up every year. - Shumidog"
How does Social Security measure inflation? The CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) has eight major spending categories it uses: https://www.fool.com/retirement/2017/11/06/how-social-securitys-2018-cola-is-calculated.aspx