Beginning with their January 2019 payment, Social Security and Supplemental Security Income recipients will receive larger benefit amounts, due to a 2.8 per cent cost-of-living adjustment (COLA) (the largest increase since 2012).
The Social Security program will see other changes in 2019, including:
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The full retirement age is delayed to age 66 and six months for individuals turning age 62 during 2019;
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A person claiming his or her Social Security benefit before full retirement age will receive a decreased benefit amount; and
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Medicare Part B premiums are also scheduled to increase to $134 monthly for Medicare enrollees with taxable income below or equal to $87,000 annually, and more for higher income recipients.
