Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans has increased 2.8 percent in 2019. The 2.8 percent cost-of-living adjustment (COLA) began with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries began on December 31, 2018. (Note: some people receive both Social Security and SSI benefits.)
The maximum amount of earnings subject to the Social Security tax (taxable maximum) has increased to $132,900. The earnings limit for workers who are younger than “full” retirement age (age 66 for people born in 1943 through 1954) increased to $17,640. (We deduct $1 from benefits for each $2 earned over $17,640.)
The earnings limit for people turning 66 in 2019 has increased to $46,920. (We deduct $1 from benefits for each $3 earned over $46,920 until the month the worker turns age 66.) There is no limit on earnings for workers who are “full” retirement age or older for the entire year.
If you have questions about Social Security or Supplemental Security Income (SSI), please review our site or give us a call. We can help you understand the income you can and should receive.