Will My Social Security Benefits Go Up in 2019?
With Social Security benefits updated in 2019, how does this affect you?
How much will Social Security benefits go up in 2019?
The Social Security Administration (SSA) reports that benefits will increase by 2.8% in 2019. This is also true for Supplemental Security Income (SSI) benefits. Over 67 million Americans will get this increased benefit.
The increased benefit is called the Cost of Living Adjustment, or COLA.
Quick facts about your Social Security taxes and benefits in 2019
- Average Social Security monthly benefit per person: $1,461
- Average Social Security monthly benefit per couple (when both get benefits): $2,448
- Maximum taxable earnings per person: $132,900
- Combined Medicare/SSA tax: 7.65% if you’re an employee, 15.30% if you’re self-employed
- Medicare portion of tax: 1.45%, regardless of income
How will I find out if my Social Security benefit is going up?
The SSA will send statements to beneficiaries by mail. But if you have a mySocialSecurity online account, you can access your benefit information anytime you want. Go to ssa.gov to set up your account.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.