President Trump has some big changes right around the corner for seniors.
From the very beginning, Donald Trump promised to protect Social Security. He refused to let benefits of retired Americans go down.
In fact, he promised that they would see an increase.
Critics said he would never do it. Democrats said he would cut, cut, and cut some more once he got power.
Liberals, on the other hand, are willing to shell out cash for undocumenteds, but not the millions of retired Americans who worked all their lives.
Well, guess what? The Social Security Administration has released their numbers for 2019.
And we’re seeing the biggest change in 7 years.
From The Motley Fool:
Following the BLS data release on Oct. 11, the SSA announced that Social Security’s COLA would be a healthy 2.8% in 2019. That represents the highest raise beneficiaries will receive since 2012…
Before receiving a 2.8% COLA, the average retired worker is expected to bring home $1,422 a month. But after their “raise,” the average retiree should be netting $1,461 a month, or an extra $468 per year…
Last year, the Social Security Administration announced a 2% COLA increase for 2018. Now, that number is only going up. Just broke a record after 7 years.
Hmm, I wonder why that is? Perhaps it has something to do with Donald Trump’s leadership?
SHARE to tell President Trump THANK YOU for protecting Social Security!
Under the president, the government has slashed its expenses. Even with huge tax cuts, the government is coming in under budget in many places.
That has given the SSA more confidence to increase benefits. Plus, as the economy is doing better, costs go up. Naturally, benefits should go up too.
One thing to note is what The Motley Fool says about other factors that could offset these improvements:
The issue is that once Part B premium inflation slowed, those folks who’d been protected with lower-than-standard-rate premiums now have to play catch-up. Though upper and middle-income beneficiaries are likely to see the full COLA in 2019, an estimated 5 million-plus lower-income aged beneficiaries will not, according to The Senior Citizens League. In fact, some may not see any real increase at all.
Medicare increases have been a real challenge, but here’s to hoping the final numbers leave a lot more dough in seniors’ pockets for all their hard work over the years.
Even with these considerations, things are looking good for retired Americans. For the first time in a long time. Do you agree?
SHARE this story to let your friends know about the big Social Security changes coming soon!
Source: The Motley Fool