A 2.8% Increase Cost-of-Living Adjustment (COLA)
For 2019, more than 67 million Social Security recipients saw a 2.8% to their monthly benefits since January 1st.
This increase is definitely being embraced with open arms since inflation doesn’t seem to be slowing down at all. In other words, it is a much needed adjustment that will benefit the millions and millions of people that will need this assistance. 2.8% may not seem like a big deal to many but when examining inflation at a pure numbers level the impact becomes significantly more obvious.
If the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) increases more than 0.1% year over year between the third quarter of the previous year and the third quarter of the current year, Social Security will raise benefits by the same amount.
The 2.8% increase represented a 0.8% increase over the previous year’s 2% COLA and is factually the largest increase since 2012.