Social Security Announces 2.8% Benefit Increase for 2019

The Social Security Administration just announced a 2.8% increase in 2019 benefits for more than 67 million Americans.  The 2.8% cost-of-living adjustment (COLA) is the largest in 7 years and will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019.  Increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2018.  The 2019 COLA for those covered in the Federal Employees Retirement System (FERS) will increase by 2% beginning in Januarys 2019.

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Thinking about a Part-Time Job? Social Security and Medicare Implications

If you are like many federal government or USPS retirees, you are contemplating a part-time job to help supplement your retirement benefits and savings.   Many don’t realize that a part-time job can have Social Security and Medicare implications.  Here are some things to keep in mind:

  • If you start taking Social Security before your full retirement age, earning more than $17,040 from work will reduce your benefits temporarily.
  • Once you’re on Medicare, extra income could potentially trigger surcharges for parts B and D.
  • Also, don’t overlook your required minimum distributions from retirement accounts once you reach age 70½.

Case In Point

We know of a man who took Social Security at age 62 and got a bill from them for $2,000 when he was 65 because his new career made more than his previous one. Of course the new job was too lucrative to quit over the $2,000, but a shocker nevertheless.

Free Retirement Analysis

If you are contemplating returning to work and would like a FREE personal benefit review visit our website or call 866-201-7829.