There will be a Social Security benefits increase in 2019 that will aid us all.
Those who have already retired or will retire soon will be happy to hear that their Social Security checks will be bigger moving forward. The Social Security Administration said that the move comes as a cost-of-living adjustment for 2019, which will increase the payout for these checks by 2.8%.
The move is reportedly in line with the 2.8% surge that the Senior Citizens League, a nonpartisan organization, predicted last month. Every year, the Social Security Administration decides whether or not there should be an adjustment to the benefits of their retirees as their purchasing power needs to keep up with inflation.
The agency makes the decision of whether or not to hike the value of these checks based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, CPI-W, from the Bureau of Labor Statistics. The 2.8% Social Security benefits increase in 2019 will affect the 67 million Americans who are receiving or will receive these checks.
The increase that is taking place this year is the biggest hike that the agency has carried out since 2012, back when the cost-of-living adjustment was 3.6%. Retirees do not always get a raise, as evidenced by 2016, 2011 and 2010, when the cost-of-living adjustment was zero.
This figure experienced a 2% hike in 2018.