If the prices on everyday items seem more expensive, you’re probably not alone. In fact, a recent survey of Consumer Price Index–the non-partisan research-based metric that measures the cost of everyday items from breakfast cereal to sneakers to transportation and medical care) reports the cost of goods for has risen an average 2.5 percent over the last 12 months.
With that in mind, the United States Social Security Administration (SSA) will increase Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8% cost-of-living (COLA) increase in beginning in January 2019.
While there are other adjustments set to take effect in January, the SSA reports that, based on the COLA increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $132,900 from $128,400.
Notifications via Mail and Online
Social Security and SSI beneficiaries can expect to be notified by mail in early December about their new benefit amount.
The SSA also announced, for the first time in the agency’s history, that beneficiaries of Social Security will be able to view their COLA notice online through my Social Security account at www.socialsecurity.gov/myaccount.
- Note: If you are a Social Security beneficiary receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2019 are announced. The Final 2019 benefit amounts will, however, be made available in the mailed COLA notice.
- Information about Medicare changes for 2019, when announced, will be available at medicare.gov.
- To learn how the COLA is calculated, please visit socialsecurity.gov/cola.
- For more information, the SSA has made available a fact sheet showing the effect of the various automatic adjustments.
- To get more Social Security news, you can follow the Press Office on Twitter @SSAPress.
Plan for Work
If you are working and seeking information on how work wages may impact your Social Security disability benefits and work incentives contact Plan for Work at 503-323-9159 or email: email@example.com.
For general information about benefits planning, work incentives, and the Ticket to Work program, call the Ticket to Work Help Line 1(866) 968-7842.