Social Security will provide a 2.8 percent increase in benefits in 2019. This will be the largest increase since 2012.
Over 62 million retirees are set to receive increased benefits in January. That’s $39 more per month for the average retired worker. Another 8 million SSI beneficiaries, such as disabled workers, will receive increased payments starting December 31, 2018.
In 2012, Social Security was given a 3.6 percent increase.
The annual cost-of-living, or COLA, is based on a broad official measure of consumer prices. Advocates for seniors claim that the inflation index doesn’t accurately capture costs faced by seniors, especially health care.