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Good news for those collecting Social Security benefits. The latest estimates show that Social Security benefits will increase by about 2.8% in 2019. The official announcement on the COLA increase will be made after the Oct. 11 release of the consumer price index data for August.The average and maximum Social Security benefits do not include delayed retirement credits. Social Security recipients who delay claiming benefits beyond full retirement age earn an additional 8% per year for every year they postpone benefits up to age 70. Those who retire before full retirement age receive reduced benefits for the rest of their life.A 2.8% COLA in 2019 would be the biggest annual hike since 2012. Here’s a look at recent annual social security adjustments:20182.0%20170.3%20160.0%20151.7%20141.5%20131.7%Often the increase in Medicare premiums will offset the Social Security COLA adjustment. However, the latest Medicare Trustees' report projects that basic Medicare Part B premiums will increase by about $1.50 a month to $135.50 per month in 2019. The official Medicare premiums will be announced in the fall. High-income retirees pay more for the same Medicare coverage. Individualswith income above $85,000 and married couples with incomes over $170,000 receive notifications (IRMAA) usually in November regarding their Medicare costs for the following year. Be aware, if an individual has experienced a life-changing event, such as the death of spouse, divorce, marriage or retirement since their last tax return, they can appeal the surcharge by following the instructions on the IRMAA letter.Additional Resources:For those considering when to start collecting Social Security BenefitsWorking and collecting benefits before full retirement age?Social Security Benefits CalculatorsBe well,Kimberley Feeney Zollo, CFP,MBA ................
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