#Middlebury #Seniors
The news is in. We now know how much our Social Security benefit will increase for 2019. It’s going to be a seemingly large 2.8 percent, the biggest since 2012. For the average person now receiving $1,422 per month, that means a $39 increase to $1,461 after the COLA kicks in, which is what the financial gurus have been predicting.
The Medicare Part B premium is going up, to $135.50 from $134 per month. If your individual income ranges from $85,000 to $107,000, your premium will be $189.60.
There are a few other changes as well. Taxable earnings for those still working will increase to $132,900 annually from $128,400. For those who retire during the year, the maximum income exemption will rise to $46,920 from $45,360.
The Senior Citizens League (seniorsleague.org) study produced frustrating results. Since 2000, our benefits have gone up 46 percent, but our expenses have gone up 96 percent. Real estate taxes are up 129 percent, heating oil is up 181 percent, out-of-pocket drug costs are up 188 percent. For every $100 worth of groceries we could buy in 2000, today we can buy only $66 in groceries. It’s no wonder we don’t dance for joy when we get a Social Security benefit increase. We’re struggling to just keep up with rising costs.
Something to be considered: There’s a significant difference between the Social Security benefit you get if you quit working at your full retirement age (which depends on your year of birth) and if you wait until you’re 70 years old. If you’re still working now, you need to ask yourself if you want to keep working a few more years. Investigate thoroughly, because there are compelling reasons on both sides of the question.
© 2018 King Features Synd. Inc.
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