The Social Security Administration has announced a 2.8 percent raise in annual benefits for upwards of 67 million American beneficiaries come the start of 2019 due to Cost-of-Living Adjustment (COLA).
Moreover, more than 8 million individuals that receive benefits from Supplemental Security Income (SSI) will see a rise in payments starting Dec 31 of 2018.
This coming years’ rise in payment will be the largest increase seen by beneficiaries within the last seven years.
These COLA raises are tied to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau annual Statistics. Other bases of adjustment, taking effect come January, are increases in average wages.
Due to the increase of average wages, beneficiaries are looking at a maximum amount of earnings subject to Social Security tax increase to $132,900 from a previous $128,400.
For American Beneficiaries concerned about what 2019 brings in regard to changes in Medicare, they are yet to be announced but the information, when available, along with final benefit amounts, will be communicated to you through both a mailed COLA notice as well as through your MySocialSecurity Message Center.