Expect slightly higher payouts and a few wage limit increases.<\/p>\n
Once you get to a certain point in life, Social Security can play an important part in your financial planning. Whether it\u2019s managing your mortgage payment<\/a> or balancing it with your retirement savings, many seniors count on the payments to help sustain their lifestyle. However, after a chaotic year marked by broad cuts to the federal government, it\u2019s challenging to know what to expect for the year ahead. If you\u2019re trying to get a handle on what\u2019s to come, here are some Social Security checks going into effect this month you might want to know about.<\/p>\n RELATED: 10 Essential Questions to Ask Your Financial Planner<\/a>.<\/p>\n 1. Your payments should increase.<\/p>\n Over the years, you may have noticed slight changes to the amount on your Social Security checks each month. And this month, you might notice the sum you receive will be slightly higher than in December.<\/p>\n This year, the Social Security Administration (SSA) is implementing a 2.8 percent<\/a> cost-of-living adjustment to payments, according to\u00a0MarketWatch. This should roughly factor out to an extra $56 per month.<\/p>\n While that little extra bump might seem like a nice addition, there is a bit of a downside to it. Officials in the Trump administration calculated that the actual cost-of-living increases last year were 3 percent, making the additional pay slightly short, MarketWatch reports.<\/p>\n 2. Earnings-test limits are also going up.<\/p>\n It\u2019s not just retirees who collect Social Security. But if you\u2019re one of the many who still work while receiving benefits, you might want to take note, as your allowed income is getting a bump<\/a> as well.<\/p>\n Starting this month, earnings-test limits are increasing from last year, from $23,400 to $24,480, according to the Motley Fool. Anyone who surpasses that amount will have $1 withheld for every $2 over the threshold.<\/p>\n Those who reached the full retirement age of 65 last year will also see a considerable earnings-test limit increase, rising from $62,160 last year to $65,160 this year. The withholding rate for this group is $3 for every $1 over the threshold.<\/p>\n