RSLN December Master

Seven Lakes News December Edition Page 9
Merry Christmas!
Seven Lakes
910-673-6030
Located Across The Street From Food Lion
"Thanks To All Of Our Patients For Making 2018 Such a Great Year"
(910) 400-5613
4379 Hwy 211
We File
Dental
Insurance
www.SevenLakesDentist.com
Here are the changes set to take
effect Jan. 1, 2019, according to
the SSA’s annual fact sheet. Increased
payments actually begin
Dec. 31, 2018.
Benefi ciaries will see a 2.8% increase
in payments.
For 2019, more than 67 million Social
Security benefi ciaries will see
a 2.8% cost-of-living adjustment
(COLA). This increase is meant to
counteract the effect of infl ation.
This calculation ensures that your
Social Security check has the
same buying power that it did the
previous year.
The 2.8% bump in 2019 represents
a 0.8% increase over last year’s
2% COLA and the largest increase
since 2012 when benefi ts went up
3.6%.
For the average Social Security recipient,
however, this 2.8% raise will
amount to just $39 per month, as
the average monthly payout increases
from $1,422 in 2018 to $1,461
in 2019.
Maximum taxable earnings will increase
to $132,900.
In 2018, employees were required to
pay a 6.2% Social Security tax(with
their employer matching that payment)
on income up to $128,400.
Any earnings above that amount
were not subject to the tax. In 2019,
the tax rate will remain the same at
6.2%, but the tax cap will increase
to $132,900.
Full retirement age will continue to
increase.
The absolute earliest you can start
claiming Social Security retirement
benefi ts is 62. However, claiming before
your full (or normal) retirement
age will result in the payout being
permanently reduced. For those who
turn 62 in 2018, full retirement age
is 66 and four months. But for those
who turn 62 in 2019, the full retirement
age will increase to 66 and six
months. Full retirement age is set to
increase by two months each year
until it hits 67.
Earnings limits will increase.
If you work while collecting Social Security
benefi ts you may fi nd all or part
of your benefi ts temporarily withheld,
depending on how much you earn.
However, those income limits will increase
slightly in 2019.
Prior to reaching full retirement
age, you will be able to earn up to
$17,640 in 2019. After that, $1 will
be deducted from your payment for
every $2 that exceeds the limit. The
2019 annual limit marks a $600 increase
over 2018’s limit of $17,040.
f you reach full retirement age
in 2019, you will be able to earn
$46,920, up $1,560 from 2018’s
$45,360 annual limit. For every $3
earned over the 2019 limit, your Social
Security benefi ts will be reduced
by $1, but it will only apply to money
earned in the months prior to hitting
full retirement age.
Once you hit full retirement age, no
benefi ts will be withheld if you continue
working. Social Security disability
thresholds will increase.
About 10 million Americans qualify
for Social Security disability payments,
and those thresholds are also
increasing slightly in 2019. For the
non-blind, the maximum benefi t will
increase $40 a month to $1,220.
Social Security recipients will be
able to view their COLA notice online
through their
mySocialSecurityaccount
As always it’s a good idea to be aware
of additional changes that could be
announced in the coming months.
Edited By: Brittany Samuels SLN