For those of you currently receiving Social Security benefits, you will receive a 2.8% cost-of-living adjustment (COLA) in 2019 and it should be reflected in your January payment! This is according to the Social Security Press Office Press Release dated October 11th.
For those of you still working, next year, taxable wages for Social Security will increase from $128,400 to $132,900.
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Social Security planning is complicated; no two financial circumstances are the same! Optimal strategies vary based on ages, age discrepancy between spouses, earnings, marital status, employment, health, income needs, financial resources and more.
Strategies that make sense for some, do not make sense for all. It is important to have your personal circumstance measured to maximize your benefits.