Social Security and Supplemental Security Income benefits for more than 67 million Americans will increase 2.8 percent in 2019, the Social Security Administration announced in October.
The maximum amount of earnings subject to the Social Security tax will increase to $132,900 from $128,400. As the taxable maximum increases, so does the maximum amount of earnings used by the Social Security Administration to calculate retirement benefits. In 2019, the maximum benefit will increase $73 per month to $2,861.
The earliest you can start claiming Social Security retirement benefits is 62. However, if you claim Social Security before your full retirement age, your payout will be permanently reduced. For those who turn 62 in 2019, the full retirement age will increase to 66 and six months. Full retirement age is set to increase by two months each year until it hits 67. So, for anyone born in 1960 or later, full retirement age will be 67.