Social Security benefits will increase by 2.8 percent in 2019, announced Lisa McCormick, a New Jersey Democrat who is calling for congressional action to make the nation’s retirement system stable, solvent and secure while also refuting politically-motivated lies intended to justify cuts in the program.
“The 2.8 percent cost-of-living adjustment will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019,” said McCormick, who added: “Congress could expand the program with greater raises, a lower retirement age and giving low wage earners a break by taking one step that would also insure long term solvency in the system.”
With the COLA, another adjustment that take effect in January is that the maximum amount of earnings subject to the Social Security tax increase to $132,900 up from $128,400, but McCormick is advocating ‘Scrap the Cap,’ a proposal which would subject all income to FICA.
“Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018,” McCormick said. “There was no Social Security increase in 2010, 2011 or 2016 and in 2017, Social Security recipients got an raise of only 0.3 percent. That is why I believe we should expand Social Security with greater payments for retirees, a lower retirement age and a tax break for low wage earners.”
The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as, a number determined by the Department of Labor’s Bureau of Labor Statistics.
“Social Security helped millions of seniors, people with disabilities, and survivors make ends meet. This 2.8 percent increase is good news that will benefit the 62 million people who rely on this crucial program and are facing increasing cost of living,” said McCormick. “Protecting and expanding Social Security is one of my top priorities.”
“I remain committed to stopping those who seek to make cuts to this critical program such as raising the retirement age, reducing benefits for seniors, privatizing Social Security to gamble it on Wall Street,” said McCormick. “Social Security and Medicare are two successful programs that our seniors rely on and have paid into their entire lives. I want to protect these programs for future generations but Republicans are talking about cuts to pay for the budget deficit created by their reckless tax breaks for millionaires.”
Noting that there is often false information published by GOP propaganda outlets, such as Fox News, about the nation’s retirement system, McCormick said the Social Security trust funds now hold a $2.9 trillion surplus that grew by $44 million in 2017.
“Social Security is completely self-funding and it has enough in surplus to pay full benefits for almost three years if every American stopped working right now,” said McCormick. “Since nation’s retirement system adds zero to the federal budget deficit, abortions for the girlfriends and mistresses of Republican congressmen drive up our national debt more in a single month than Social Security benefits do in a whole decade.”
Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. This year, for the first time, most people who receive Social Security payments will be able to view their COLA notice online through their my Social Security account. People may create or access their my Social Security account online at www.socialsecurity.gov/myaccount.
Information about Medicare changes for 2019, when will be available at www.medicare.gov.
For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2019 are announced. Final 2019 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security’s Message Center.
To learn more about Social Security and the cost of living adjustment, please visit www.socialsecurity.gov/cola.
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