1. Home
  2. More
  3. 2019 Social Security Bump Is Biggest in 7 Years for Retirees
  • Sign up
  • Sign in
Money Talks News
  • Popular
  • Latest
    • Coronavirus
    • Ask Stacy
    • Make
    • Save
    • Borrow
    • Grow
    • Live
    • More
  • Deals
    • Automotive
    • Clothing & Accessories
    • Computers
    • Electronics
    • Everything Else
    • Financial Services
    • Gaming & Toys
    • Health & Beauty
    • Home & Garden
    • Movies, Music & Books
    • Office & Supplies
    • Special Occasion
    • Sports & Fitness
    • Store Events
    • Travel & Entertainment
  • Podcasts
  • Solutions
  • Academy
  • Subscribe to our newsletter
  • Follow us on Facebook
  • Follow us on Twitter
  • Search our site
7 Smart Ways to Defend Yourself Against Soaring Gas Prices7 Smart Ways to Defend Yourself Against Soaring Gas Prices
7 Smart Ways to Recession-Proof Your Retirement7 Smart Ways to Recession-Proof Your Retirement
Senior standing beside window5 Money Mistakes That Will Wreck Your Retirement
recession market scare crash downturn stock business men6 Typical Warning Signs of a Recession

2019 Social Security Bump Is Biggest in 7 Years for Retirees

Find out how large of an increase you can expect next year.

Karla Bowsher • December 15, 2018 • Advertising Disclosure

Share on Facebook Share on Twitter Share by Email Share on Pinterest Printable version available to members PDF version available to members
empty nesters
Monkey Business Images / Shutterstock.com

Social Security recipients will soon receive the largest increase in their monthly benefits that they’ve seen in seven years.

The U.S. Social Security Administration announced in October that beneficiaries will receive a 2.8 percent cost-of-living adjustment, or COLA, next year.

As a result, a worker who was receiving $1,422 per month in Social Security benefits prior to the COLA would receive $1,461 after the COLA takes effect, according to Social Security Administration estimates. That’s an increase of $39 a month.

A couple receiving $2,381 before the COLA would receive $2,448 after. That’s a jump of $67 a month.

The COLA will take effect in January for more than 62 million people who receive Social Security benefits. It will take effect on Dec. 31 for more than 8 million people who receive Supplemental Security Income (SSI) benefits — income supplements for people who are aged, blind or disabled and who have little to no income.

The 2.8 percent increase for 2018 is the largest since 2012, when beneficiaries received a 3.6 percent bump. The COLAs for the past several years were:

  • 2018 — 2 percent
  • 2017 — 0.3 percent
  • 2016 — 0 percent (no adjustment)
  • 2015 — 1.7 percent
  • 2014 — 1.5 percent
  • 2013 — 1.7 percent
  • 2012 — 3.6 percent

By law, COLAs are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers maintained by the U.S. Department of Labor. COLAs are meant to counteract the effect of inflation on Social Security and SSI payments.

To learn more about the potential perils of working and collecting Social Security payments before full retirement age, check out “Want to Work While Collecting Social Security? Be Careful.”

If you have yet to start receiving your Social Security benefits, check out “Maximize Your Social Security” to learn how you can obtain a personalized report on the best way to claim benefits.

How do you feel about the 2.8 percent Social Security COLA for 2019? Let us know by commenting below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

  Like Article   Add a Comment

Sign up for our free newsletter!

Simple ways to make, save, and grow your money daily:

  happy subscribers    

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

MTN Podcasts

Every week our podcasts bring you lively money discussions that will give you a few laughs along with advice that will make you richer.

Money with Stacy Johnson

Listen/Subscribe

Read Next

Some of our favorite stories for you to read next.

senior elder Indian asian business woman money saving
The Annuity Everyone Needs — and Anybody Can Get
A worried senior black woman sits on her couch
Retiree Households Lose $111,000 to This Social Security Misstep
Worried retirees reviewing finances
7 Dumb Ways Retirees Blow Their Savings
Sign up for our free newsletter!

Join our many free newsletter subscribers building wealth and destroying debt:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Popular Topics
  • Retirement Investment
  • Surveys for Money
  • How to Make Money Online
  • Emergency Stockpile
  • Free Movie Streaming
  • Senior Discounts
Connect
  • Support & FAQs
  • Memberships
  • About
  • Contact
  • Careers
  • Accessibility Statement
Media
  • Advertise
  • Television
  • Where We Air
  • Scripts
  • Sitemap
Legal
  • Terms
  • Privacy
  • Cookies
Editorial
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • Ownership & Funding Info

Do Not Sell My Personal Information

© 2022 Money Talks News. All Rights Reserved.
‭1 (833) 669-8557 | 1732 1st Ave #26661, New York, NY 10128

Advertising Disclosure: This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

View This Page Without Ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Help us produce more money-saving articles and videos by subscribing to a membership.

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Sign up for our free newsletter!

Join our happy subscribers and sign up for our free newsletter! You'll get:

  • Tips and advice from our expert money reporters. (Our average experience is 18 years!)
  • Unexpected ways to make more and spend less, delivered to you daily.
  • The best deals and coupons to save on everything you buy.
  • Free copies of our eBooks '208 Ways to Save Money Every Day' and '108 Easy Ways to Earn Extra Cash', together a $29 value!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.