Social Security Increase: Recipients to Get the Biggest Raise in 7 Years!

Social Security Increase:  Recipients to Get the Biggest Raise in 7 Years!

The Social Security Administration has just announced that those who receive Social Security Retirement, Social Security Disability, or Supplemental Security Income (SSI) will be getting a 2.8% raise in 2019.

The 2.8 percent cost-of-living adjustment (COLA) will begin in January 2019 for the more than 62 million people who receive Social Security Retirement and Disability benefits.  The maximum Social Security benefit will increase to $2,861 a month.

Increased payments to the more than 8 million people who receive Supplemental Security Income (SSI) will begin on December 31, 2018.  The amount of SSI will increase to $771 a month for a person, $1,157 a month for a couple.

The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

Other important changes in 2019 include:

—–Significant Gainful Activity (SGA) increasing to $1,220 month; and

—–a Trial Work Period (TWP) increasing to $880 a month.

 

The complete 2019 Social Security Fact Sheet is available at:

https://www.ssa.gov/news/press/factsheets/colafacts2019.pdf