In this episode we touch on how Social Security paid a small cost-of-living adjustment this year. We also talk about how the COLA is determined, put it into context, and see what it means for your Social Security benefits going forward.
Another number affected by the cost-of-living adjustment is the earnings test threshold. We cover about how much you can earn in 2019 without having benefits withheld if you claim Social Security before full retirement age.
Next, we talk about taxes, both the Social Security payroll taxes, and the income taxes you may have to pay on your Social Security benefits.
For those of you on Medicare, we go over the new Part B premiums for 2019 and see why it’s not such a straightforward number anymore. We’ll also cover dates to watch in 2019.
We also give you an update on the status of the Social Security trust fund and discuss some ideas for reforming the system to make it solvent for the future.
And finally, we’ll give you an update on Social Security claiming strategies.
Tracking # 1-882558
Music Attribution: Hopeful Start by John Bartman, License CC BY-SA 4.0 (Attribution-ShareAlike License)