Why Social Security Will Go Up in 2019 And How You Can Prepare for It
Despite the expected rise in Medicare Part B premiums, a lot of retired workers will access checks by January next year. If you are a beneficiary, you can check the amount you would be entitled to. There are two options, printed notices on paper via mail or your personal portal on Social Security website.
Retirees are excited and anxious at the same time to know what their Social Security check holds in store for them in the new year. You are probably among those retirees and you can’t wait to find out the concealed figures for 2019.
The expenses for living amendments by the Social Security Administration, commonly known as ‘COLA’ (Cost-of-living adjustment), has been published via their website. You can now check for your cost by visiting your personal page on ‘My Social Security’. Details of the COLA can be accessed on the menu at the massage corner. Meanwhile, don’t be dismayed if you are unable to see your updates the first time. Normally, this process sometimes requires multiple trials before it goes through so keep trying till you succeed.
Speaking on the current development, a female representative of the Social Security Administration said that the organization’s online site is going through an unusual weight of log per trial, something that has not been experienced before. The representative added that this uncommon occurrence is happening while a large number of their beneficiaries are seeing their updates on the site. She, however, added that some clients among their list are unlucky because they are unable to get their past access codes.
Beneficiaries of Social Security have been earmarked to receive 2.8% raise by next year, after the announcement made about a COLA by the organization itself last October. The development ushered in the largest boost, after the 2012 unusual increase. As at then, COLA was 3.6%.
Fact sheet contents
Updates on cost-of-living adjustments will also be sent by emails later in December 2018 to give details on The Social Security Administration. Present recipients, as well as the retirees who collect their own updates online, will get paper updates.
Updates via the website will be made inaccessible for people who possess international addresses, as well as people who bear the higher cost for Medicare premiums as a result of their earnings.
Prior to this time, The Social Security Administration published the fact sheet which reveals the ways by which the cost-of-living adjustments for next year could transform benefits and privileges for recipients every month.
Average Social Security benefits per month eligible for payment by the first month of 2019 (costs)
Every retired staff
An elderly couple, the two of them collecting
A widow with 2 children
Elderly widow or widower (single)
Workers living with a disability, a spouse with one child and above
Every worker living with a disability
Published by: Social Security Administration
By next year, Medicare Part B premiums will also experience hike, according to its schedule. However, the effect will not be strong to the extent of sweeping off privileges and benefits meant for numerous recipients of Social Security COLA.
Majority of the citizens will have to be bound by the policy of Medicare Part B premium charge of $135.50 by the new year.
Meanwhile, in case your altered amended gross earning is above a specific rate, may be about or more than $85,000, and your registered request shows you as a single applicant, your charges will be higher.
The amount you bear its cost in respect to premiums next year is dependent on your return tax of last year.
The status of the Medicare Part B premium that belongs to you next year is according to your annual earning of last year.
File tax return for one person
About or less than $85,000
More than $85,000 – $107,000
More than $107,000 – $133,500
File tax return for more than one person
About or less than $170,000
More than $170,000 – $214,000
More than $214,000 – $267,000
File tax return for both married and separated
About or less than $85,000
Your monthly charges (2019)
Published by: Medicare.gov
Approximately 2 million recipients of Medicare will eventually bear cost lower than $135.50 in 2019 because of the “hold harmless” policy which provides protection to specific recipients from bearing more costs for Part B premiums.
More in Advisor
Serena Williams Reveals Her Father’s Precious Financial Advice To Her
The more wealth you have, the more challenging it is to control it. Celebrities suffer the most from this fact, and...September 21, 2020
Financial Advantages That The Military Offers to The Men In Service & Their Families
Life in the military can be tough, even if you don’t actually go to the battle. Army training alone is pretty...September 17, 2020
Here’s How You Can Retire at 40 & Still Enjoy Your Life
Okay, be honest; after reading that headline, you thought this was a sham of some sort, right? Retiring at 40, who...September 13, 2020
Selling Your Business Can Be As Hard As Founding It
Separating from your partner breaks your heart, but believe us, leaving the business you built from scratch can have the same...September 8, 2020
Warren Buffett – Top Investing Tips From The Business Guru
On August 30th 2020, Warren Buffett, the Oracle of Omaha, turns 90. Every investor knows Warren. He’s the CEO and Chairman...September 2, 2020
Here’s Your Personal Guide to Making Nearly-Perfect Financial Decisions
Everyone makes dozens of financial decisions every day. From paying household utility bills to signing critical documents at work, in some...September 1, 2020
A Drink from the Fount of Investment Master, Warren Buffett
If you’re knee-deep in the world of investment and finances, you’d be well aware that Warren Buffett’s name is synonymous with...August 29, 2020
Financial Tips to Sail Through 2020 Without Drowning
Caution advisory: We don’t mean to scare you, but we just might (only a little bit, though)! When you realize that...August 28, 2020
Hear It From The Horse’s Mouth – Self-Made Millionaires Reveal Their Richness Secrets
Making money isn’t a child’s play. But regardless of how challenging business gets, you can’t give up if you want success....August 25, 2020