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Social Security Benefits to Increase by 2.8%

POSTED October 19, 2018

WASHINGTON -- Social Security benefits for 67 millions Americans will go up with 2.8% cost-of-living increase in 2019.

The cost-of-living adjustment (COLA) is the largest in more than six years and is tied to the Consumer Price Index.

The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018.

The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $132,900.

The earnings limit for workers who are younger than "full" retirement age (age 66 for people born in 1943 through 1954) will increase to $17,640.

The earnings limit for people turning 66 in 2019 will increase to $46,920. There is no limit on earnings for workers who are "full" retirement age or older for the entire year.