As Tampa Social Security lawyers, we are always following the latest developments in Social Security. 2019 will bring the largest cost-of-living adjustment since 2012. This gives all Social Security recipients in Tampa, Florida and the nation a 2.8 percent increase, up from 2 percent in 2018. This increase is for people receiving either retirement or disability benefits.
Social Security payments are increased based on inflation as measured by the Consumer Price Index for Urban Wage Earners. This makes Social Security inflation proof. Cost of Living Notices can be viewed online at My Social Security Accounts staring in December, 2018.
Full retirement age will increase in 2019. If you turn 62 in 2019, you will need to wait longer to get your full social security retirement benefits. If you were born in 1957, your full retirement age is 66 years and 6 months; for 1956 full retirement age is 66 years and 4 months; 1955 is 66 years and 2 months and for people born between1943 to 1954, full retirement age is 66 years.
For people working while receiving Social Security early retirement benefits, you will be able to earn more without losing any of your social security retirement benefits. Social security recipients age 65 and younger can earn up to $17,640 before a dollar of benefits is withheld for every dollar earned.
For those individuals who are receiving disability benefits, Social Security allows you to attempt to return to the work force with a trial work period during which you can still receive benefits. In 2019, any month in which you have gross earnings of $880 or more is considered a month of services for an individual’s trial work period. Social Security does not consider services performed during the trial work period as showing that your disability has ended until you have worked in at least nine months in a rolling sixty month period. Please note the nine months do not need to be consecutive.
Clients often ask their Social Security attorneys about tax issues. While these questions are best answered by your tax expert, 2019 will see an increase in the amount of earnings subject to the social security tax for working individuals. The 6.2 percent tax will now be imposed on earned wages up to $132,900, an increase from the $128,400 cap in 2018.
We are proud to provide advice as attorneys handling Social Security disability matters in the Tampa Bay Area. Our firm has represented individuals since 1967 in the areas of Personal Injury, Disability Law, Social Security Disability Law and Workers’ Compensation. We are happy to put our experience to work on your behalf.
