2019 COLA Changes
Well, the wait is over for the 2019 announcement on the cost of living adjustment (COLA) to Social Security. I have summarized the key changes below. For all the details you can refer to the 2019 SSA facts sheet here: https://www.ssa.gov/news/press/factsheets/colafacts2019.pdf
- Socials Security recipients will receive a 2.8% COLA for 2019, beginning with their January 2019 payment. (click here for the list of past percentages)
- The new maximum taxable earnings limit is $132,900, up from $128,400.
- Earnings Test exempt amount goes up to $17,640/year from $17,040 in 2018.
- Earnings required to earn one quarter or credit of coverage is $1,360, up from $1,320.
In addition to the Social Security COLA, they have also announced that the new Medicare Part B premiums for new enrollees will go up from $134 in 2018 to $135.50 in 2019. While nobody wants an increase, this is a minor change that most people will be thankful to see.