| posted on 1.9.2019 at 01:15 PM
I've been obsessed with 2019 changes in Social Security
Why am I obsessed? ( preoccupied with or haunted by some idea, highly interested)
_because I'm 66 years old and trying to make the correct decision for myself. I'm relatively healthy, still working 40 hours a week with benefits,
getting a raise soon.
But what got me excited was the possibility of receiving a social security check (full retirement age) every month PLUS my two regular paychecks from
work. WITHOUT PENALTY
that is because a few tweeks of the Social Security Law have happened beginning January 01, 2019. Here are the tweeks!
_Beneficiaries will see a 2.8% increase in payments. This averages about $39 a month.
_Maximum taxable earnings will increase to $132,900. It was $128,400. meaning, there will be a little more money coming into the SSN trust fund. And
any amount about $132,900 is not subject to deduction.
_Full retirement age will continue to increase.
The absolute earliest you can file is 62. However, claiming before your full (or normal) retirement age will result in the payout being permanently
reduced. Like 25 to 30 percent less. (ouch!)
Born before 1954, age 66 for full benefits.
For those who turn 62 in 2018, full retirement age is 66 and four months.
for anyone born in 1960 or later, full retirement age will be 67.
_ Earnings limits will increase.
If you work while collecting Social Security benefits you may find all or part of your benefits temporarily withheld, depending on how much you earn.
However, those income limits will increase slightly in 2019.
Prior to reaching full retirement age, you will be able to earn up to $17,640 in 2019. After that, $1 will be deducted from your payment for every $2
that exceeds the limit. The 2019 annual limit marks a $600 increase over 2018's limit of $17,040. If you reach full retirement age in 2019, you will
be able to earn $46,920, up $1,560 from 2018's $45,360 annual limit. For every $3 earned over the 2019 limit, your Social Security benefits will be
reduced by $1, but it will only apply to money earned in the months prior to hitting full retirement age. Once you hit full retirement age, no
benefits will be withheld if you continue working.....it is this part that got me excited.
_Social Security disability thresholds will increase.
The legally blind will receive a maximum of $2,040 a month, an increase of $70 a month over 2018. For the non-blind, the maximum benefit will increase
$40 a month to $1,220.
You can view your COLA notice online.
For the first time this year, most Social Security recipients will be able to view their COLA notice online through their mySocialSecurity account in
December. In the past, that notice was mailed. Notices will still be mailed this year, but in the future, recipients will be able to choose whether to
receive their notice online or by mail.
Set Up your own account with the Social Security Administration (I have)....I also found out how much my estimated monthly benefit will be.
Go to Google and type in..... "Social Security changes 2019"
you'll get a list from USAToday, Investipedia, Fortune, SSA.org, AARP, Motley Fool, etc., etc., and etc.