Congressman Tim Ryan Announces Social Security Benefits to Increase by 2.8 Percent in 2019
Washington, DC – Congressman Tim Ryan (D-OH) announced Social Security benefits will increase by 2.8 percent in 2019. The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
“Social Security is one of our most important social programs, having helped millions of seniors, people with disabilities, and survivors make ends meet. This 2.8 percent increase is great news and will benefit the 62 million people who rely on this crucial program and are facing increasing cost of living,” said Congressman Ryan. “Protecting and expanding Social Security continues to be one of my top priorities, and I remain committed to stopping those who seek to make cuts to this critical program.”
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $132,900 from $128,400.
Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. This year, for the first time, most people who receive Social Security payments will be able to view their COLA notice online through their my Social Security account. People may create or access their my Social Security account online at www.socialsecurity.gov/myaccount.
Information about Medicare changes for 2019, when announced, will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2019 are announced. Final 2019 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security’s Message Center.
The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.