Social Security Gets a Massive 8.7% Raise
In October of 2018, the Social Security Administration announced that Social Security and Supplemental Security Income benefits for more than 67 million Americans will increase 2.8% in 2019. From the press release:
“The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.