More than 67 million Americans will see a nearly 3 percent increase in their Social Security and Supplemental Security Income (SSI) benefit amount next year.
The increase was announced as part of the annual cost-of-living adjustment (COLA) by the federal government. Usually there is an increase in the Social Security and SSI benefit amount people receive each month, starting the following January.
» TRENDING NEWS: What could save dying retailers? Keeping it cheap
By law, federal benefits increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers. More than 67 million Americans will see a 2.8 percent increase in their benefits in 2019.
The maximum amount of earnings subject to Social Security payroll tax, as well as the retirement earnings test exempt amount, will also change in 2019. The maximum amount of earnings subject to the Social Security tax will increase to $132,900.
FIVE FAST READS