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Daily Court Reporter - News Social Security 2019: Plenty of changes for retirees’ consideration

 

Social Security 2019: Plenty of changes for retirees’ consideration

KEITH ARNOLD, Daily Reporter Staff Writer

A larger benefit check, later retirement age and an increased Social Security tax cap are just a few of the changes the New Year brings to retirees who have paid into the federal program.

A recent piece in U.S. News & World Report, outlined all of the changes with an explanation of their effects on benefit recipients.

Perhaps most remarkable is the phasing in of the older full retirement age.

Retirees, now, would be penalized by way of a reduced payment if they choose to retire as early as age 62.

The full retirement age for everyone born between 1943 and 1954 is now 66. The full retirement age increases in two-month increments over the next two years until it reaches age 67 for everyone born in 1960 or later.

The publication noted that workers who elect for an older full retirement age also will have less opportunity to increase their Social Security payments via delayed claiming.

Receiving more press is Social Security's 2.8 percent cost-of-living adjustment for retirees - the largest since 2012.

The average Social Security benefit for retired workers is expected to climb by $39 to $1,461 per month as a result of this change, U.S. News & World Report detailed. Married couples where both spouses receive benefits will see an estimated $67 increase to an average payment of $2,448 per month in 2019.

Payments are to be adjusted each year to keep pace with inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers.

Retirees received a 2 percent boost in payments in 2018. Previous benefit increases have ranged from zero in 2010, 2011 and 2016 to 14.3 percent in 1980.

Finally, the maximum amount of earnings subject to Social Security tax will increase by $4,500 to $132,900 in 2019.

Higher-earning individuals will note the tax applied to more of their pay, the report detailed.

The adjustment may result in an increased tax burden of $279.

Conversely, individuals who earn more than $132,900 in 2019 will notice a bump in their paychecks once earnings have surpassed the taxable maximum and they no longer have Social Security tax withheld from their salary.

Larger earning limits and electronic cost-of-living adjustment, or COLA notices are the other new developments in 2019.

Date Published: January 24, 2019

 

Copyright © 2019 The Daily Reporter - All Rights Reserved

 

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