Money stock photo. (Shutterstock.)
Many Social Security recipients will see an increase in benefits this month.
More than 62 million Social Security beneficiaries will see a 2.8 percent cost-of-living adjustment on this month’s check, the Social Security Administration announced. More than 8 million Supplemental Security Income beneficiaries will also see the change.
The 2019 increase marks the biggest hike since 2012 when the COLA was 3.6 percent. Last year’s increase was 2 percent.
For the average Social Security recipient, the change will mean an extra $39 per month or roughly $468 a year for benefits of $1,400 a month. A portion of the increase will be eaten up by higher monthly premiums for Medicare Part B recipients. Those costs will increase by $1.50 per month, reaching $135.50 in 2019 up from $134 in 2018.
Recipients were notified of the change by mail in December. The Social Security increase is tied to changes in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.