Beginning with their January 2019 payment, Social Security and Supplemental Security Income recipients will receive larger benefit amounts, due to a 2.8 per cent cost-of-living adjustment (COLA) (the largest increase since 2012).
The Social Security program will see other changes in 2019, including:
- The full retirement age is delayed to age 66 and six months for individuals turning age 62 during 2019;
- A person claiming his or her Social Security benefit before full retirement age will receive a decreased benefit amount; and
- Medicare Part B premiums are also scheduled to increase to $134 monthly for Medicare enrollees with taxable income below or equal to $87,000 annually, and more for higher income recipients.
Questions? Let Jane know.
Jane Fearn-Zimmer is a shareholder in the Elder and Disability Law, Taxation, and Trusts and Estates Groups. She dedicates her practice to serving clients in the areas of elder and disability law, special needs planning, asset protection, tax and estate planning and estate administration. She also serves as Chair of the Elder & Disability Law section of the NJSBA.