Beneficiaries Received a 2.8% Increase
For 2019, more than 67 million Social Security recipients saw a 2.8% cost-of-living adjustment (COLA) to their monthly benefits.
The 2.8% bump in 2019 represented a 0.8% increase over the previous year’s 2% COLA and the largest increase since 2012 when benefits went up 3.6%.
What will the 2019 Social Security increase be?
The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. (We deduct $1 from benefits for each $2 earned over $17,640.) The earnings limit for people turning 66 in 2019 will increase to $46,920.
Will Social Security recipients get a raise in 2020?
The group also projected this year’s Social Security Cost-of-Living Adjustment, or COLA, at 1.7% for 2020. The Social Security Administration announces that adjustment for the next year every October. If tariffs go into effect, that could drive up the cost of living, which might also increase the COLA for next year.
How much can I earn on SSDI in 2019?
To be eligible for Social Security disability benefits, you’ll need to make $1,220 or less per month in 2019. If you’re blind, the limit is $2,040. This amount is known as “substantial gainful activity,” and is adjusted each year.
How much of a pay raise will Social Security recipients get in January 2020?
That’s up 1.7% from where it was 12 months ago, and it’s 1.4% higher than the three-month average for the summer months in 2018.