By Pension and Benefits Editorial Staff
The Social Security Administration (SSA) has announced that Social Security beneficiaries will see an increase in their monthly checks in 2019—2.8%. This cost-of-living adjustment, or COLA, will produce an estimated average monthly benefit of $1,461 for all retired workers in 2019, $39 a month more than in 2018. The COLA increase will be applied to this coming year’s benefits, beginning with benefits for December 2018, which are payable in January 2019.
The amount of earnings subject to taxation under FICA and SECA, the “wage base,” is also going up in 2019. The 2019 wage base of $132,900 is $4,500 higher than the 2018 amount of $128,400.
SOURCE: Social Security News Release and Fact Sheet.
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