Comprehensive Financial Solutions, Inc.

440-343-4223

Retirement Read Time: 3 min

What's New for Social Security?

Whether you’re applying for Social Security in the future or currently receiving benefits, there are some important changes to earnings limits, Medicare premiums, and other differences to keep in mind. Ready to learn more? Read on.

Ready for a Cost-of-Living (COLA) increase?

That's right! Due to an increase in the Consumer Price Index (CPI-W), the Social Security Administration (SSA) has made a 2.8-percent COLA Adjustment.1

What about Tax Caps?

Employees everywhere will be happy to hear that the cap on wages subject to Social Security withholdings has increased to $132,000.1

Any change to earning limits?

As of 2019, the amount that Social Security beneficiaries can earn before they receive a reduction in their Social Security benefits, is $17,740. Keep in mind, this limit only applies prior to reaching the full retirement age of 67, assuming you were born in 1960 or later.1

Are Medicare Part B Premiums Affected?

Since the law prohibits Medicare premiums from rising faster than Social Security benefits, most Social Security recipients will see a $1.50 increase in Part B premiums. But first-time enrollees and Medicare beneficiaries who earn $200,000 or more in 2019, may pay a higher premium.2

How much do I need to earn for one Social Security “credit”?

In 2019, you’ll need to earn $1,360 to earn one “credit” toward Social Security and Medicare, up from $1,320 in 2018.1 What remains the same? You can only earn four credits each year, and you must earn at least 40 credits in order to qualify for benefits.1

For many, Social Security may be an important source of income during their “second act.” If changes to Social Security give you pause or make you question if you are making the most of your benefits, a qualified financial professional may be just the person you need to help you realize your retirement strategy’s full potential.

1. Social Security Administration, 2019
2. Centers for Medicare & Medicaid Services, 2019

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Dog Bites and Homeowners Insurance

Dog Bites and Homeowners Insurance

Reviewing coverage options is just one thing responsible pet parents can do to help look out for their dogs.

Asset Allocation

Asset Allocation

Consider how your assets are allocated and if that allocation is consistent with your time frame and risk tolerance.

Income Protection for Millennials

Income Protection for Millennials

Income protection insurance can replace earnings during a disability and recovery.

 

Have A Question About This Topic?







Thank you! Oops!

When to Self-Insure

Choosing to bear the financial burden of an adverse event is called self-insuring. Do you know what that entails?

The 12 Steps to Living Confidently: Retire With Confidence

There are good ways to retire and bad ways to retire. Retire the right way by better understanding Social Security.

Immediate vs. Deferred Annuities

Looking forward to retirement? It's critical to understand the difference between immediate and deferred annuities.

View all articles

Federal Income Tax

Use this calculator to estimate your income tax liability along with average and marginal tax rates.

Potential Income from an IRA

Estimate your monthly and annual income from various IRA types.

What Is My Risk Tolerance?

This questionnaire will help determine your tolerance for investment risk.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

View all presentations

Encore Careers: Push Your Boundaries

Ready for retirement? Find out why many are considering encore careers and push your boundaries into something more, here.

The Other Sure Thing

Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared?

Video: The Independence of Financial and Emotional

Greater financial and emotional confidence brings greater independence. Isn’t that what it’s all about?

View all videos