Social Security 2019: What You Need to Know
While no new legislation has passed this year that changes the fundamentals of the Social Security program, a number of changes do go into effect automatically, mostly due to inflation adjustments. This article by Mary Hickey of Consumer Reports highlights the changes for 2019: 1.) benefits are going up 2.8%, which is $39 per month more for the average recipient with a current benefit amount of $1,422 per month; 2.) the increase is “real” in that nearly all beneficiaries will see an actual net increase in their checks, as Medicare premiums are increasing only $1.50 per month; 3.) the tax cap rises to $132,900 which means the highest earners will pay 6.2% FICA tax on additional $4,500 in income (which of course yields a higher benefit when it comes time to collect as well); 4.) those turning 62 (born in 1957) in 2019 must wait until 66 and six months (up two months) to attain full retirement age (62 is still the early retirement age); and 5.) early filers who still work can earn $600 more to $17,640 before benefits are deducted. Read the full piece, including potential reform proposals on the horizon, here.
The Association of Mature American Citizens (AMAC) advocates for a strengthening of Social Security and has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Sam Johnson (R-TX) and Rep. John Larson (D-CT) and merging them with the Association’s original legislative framework to create the new Act. AMAC is resolute in its mission to get the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.