Did you know that over 60 million Americans rely on social security payments?
If you’re one of these many people, then you need to stay informed about the yearly changes. If you want to learn more about the social security increase for 2019, keep reading to get all the important updates.
1. The Social Security Increase for 2019 Is 2.8%
This update is great news for those who depend on social security. Since the cost of living is always on the rise, it’s comforting to know that your social security payments will keep up with inflation.
With this change, you won’t have to worry about the value of your dollar. Although your checks will be a bit larger each month compared to last year’s payments, do keep in mind that your living expenses may increase, too.
2. People Receiving Supplemental Security Income Also Receive 2.8% Boost
Social security aims to take care of elderly people who can no longer work. Supplemental security income was invented to help people who are disabled cover their living expenses.
If you’re someone who receives SSI, you can be assured that your payments will also reflect a 2.8% increase to balance out inflation.
Do you have a disability and want to pursue a supplemental security income? McChesney & McChesney can make sure you receive all the legal help you need.
3. Social Security 2019 Full Retirement Age
The official retirement age is increasing a couple months each year. Anyone who was born after 1960 won’t be able to receive full retirement funds until they’re 67 years old.
Anyone is allowed to start receiving social security checks when they’re 62. However, before you make this decision, you must know that your payments will be permanently decreased for the rest of your life.
Waiting until you’re the full retirement age is the best way to ensure you receive the most amount of money each month.
4. There Is a Social Security Increase on Taxable Income, Too
Taxpayers will be relieved to know that the social security tax has not increased from 6.2%. However, this tax is now being applied to those who are earning more money.
Last year’s salary cap was $128,400. In 2019, anyone who earns up to $132,900 is expected to pay the social security tax.
5. Social Security Changes for Beneficiaries Who Still Work
Even if you’re retired, you still may want to continue working from home or part-time to stay busy. If you’re at full retirement age or beyond, you’re allowed to earn $46,920 before receiving a penalty. This figure is $1,560 higher than the cap for 2018.
If you make more than $46,920 a year, your social security payment will be docked $1 for every $3 you make beyond the limit.
6. Social Security Is Keeping Up with Technology: How This Impacts You
The rest of the world is online now. Social security is keeping up with technology by offering recipients the option to view their notices online. These documents can be accessed on your my Social Security account.
If you prefer to stick with mail, you’ll still have this option available.
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