Social Security Announces 2.8 Percent Increase for 2019

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

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).

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.

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 my Social Security account.

People may create or access their my Social Security account online at socialsecurity.gov/myaccount.

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