Tags: Senior Benefits | Discounts | Retirement

5 Social Security Changes for 2019 You Must Know

By Bill Hoffmann

There are 5 major changes in the payouts and collections of the Social Security Administration you should know about for 2019, and some of them are something to cheer about while others mean Uncle Sam makes out better.

1) Benefits are going up

That’s right, those already on or about to start receiving Social Security benefits will get a 2.8 percent cost-of-living adjustment in monthly benefits beginning now. For the average beneficiary, that’s a raise of $1,422 to $1,461 — which amounts to $39 per month or $468 per year. Not a gigantic bump, but certainly better than nothing! And it will also help those who subscribe to Medicare Part B pay for this year’s increase of $1.50 a month, or $18 per year.

Note: Seniors Scoop Up Unclaimed $20,500 Checks (See If You Qualify)

2) But … maximum taxable earnings are rising

Workers and employers pay 6.2 percent of their earnings to fund Social Security. For 2019, maximum taxable earnings will increase by $4,500, from $128,400 to $132,900. This means the maximum Social Security tax rises from $7,960.80 in 2018 to $8,239.80 in 2019 — or an additional $279. Not an extraordinary leap, but still …

3) The earnings limit also increases

If you are receiving Social Security check or plan to this year, you may still work and earn up to $17,640 and receive your full benefit from the government. That’s an increase from the previous limit of $16,920. If you earn more than $17,640, Social Security will deduct $1 for every $2 you earn. That’s a savings of up to $360.

4) Higher work credit earnings in force

Americans earned one work credit, equaling three months of Social Security benefits, for every $1,320 earned. That amount now increases to $1,360. You can earn up to four credits a year if you earn at least $5,440. To qualify for benefits, you'll need to accumulate a minimum of 40 credits.

Note: Some Seniors have added $1,000 a month to their Social Security — More Details Here

5) More aid for elderly and disabled Americans

Americans who receive Supplemental Security Income — a welfare program that provides the elderly, blind or disabled with little or no income with cash assistance for food, clothing, shelter and health care coverage — will get an increase this year from $21 a month, from $750 to $771. For couples, the increase is $32, from $1,125 to $1,157.

Important: The U.S. government gives away literally trillions of dollars in benefits and programs. Now a special report shows how people over 50 are cashing in. Many benefit from a little-used loophole in the Social Security program to increase their monthly checks by as much as $1,000. Check out the full info — Click Here Now.

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
MKTNews
Senior Benefits, Discounts, Retirement
456
2019-08-14
Monday, 14 January 2019 02:08 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved