The Social Security Administration (SSA) recently announced that the Social Security taxable wage base for 2019 will increase to $132,900 from $128,400. This is the maximum amount of earnings subject to the Social Security tax for 2019.
In addition, the SSA announced that Social Security and Supplemental Security Income benefits will increase by 2.8 percent in 2019. This cost-of-living (COLA) adjustment is based on the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
The SSA also announced that for the first time, individuals who receive Social Security payments will be able to view their COLA notice online through their my Social Security account. For more information, see the SSA website.
Vannessa Maravilla, Editor, CalChamber