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Your Social Security check will get a 2.8% boost in 2019

For retirees who’ve just lately elected to take Social Security advantages, this may very well be the primary time they see a “real increase” in their month-to-month checks, Joe Elsasser, president of Covisum, a supplier of Social Security timing software program, beforehand instructed CNBC.

For those that are gathering a median Social Security advantage of about $1,400, the 2019 cost-of-living adjustment will quantity to an additional $39 monthly.

The Medicare Part B premiums for subsequent 12 months haven’t been introduced but. Estimates peg these premiums at $135.50 in 2019 for these with incomes beneath $85,000.

In the previous the boost from the Social Security cost-of-living adjustment has been eaten up for a lot of by increased Medicare premiums.

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That is unlikely to occur to as many individuals this 12 months because it did in 2018, in accordance with Mary Johnson, Social Security and Medicare coverage analyst on the Senior Citizens League.

Individuals with Social Security advantages from round $600 to $634 may very well be most affected.

“That group will likely see their Part B premium take up their entire COLA in 2019,” Johnson mentioned.

The variety of Social Security beneficiaries with advantages in that vary is about 5 million, in accordance with Johnson, although not all of these people are essentially enrolled in Medicare.

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About Virgie Powell

Virgie B. Powell writes for Reiterment Planning and Tax Advice sections in AmericaRichest.

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