As of Friday, December 7, 2018
More than 67 million Americans will see a 2.8 percent increase in their Social Security and SSI benefits in 2019.
According to the Social Security Administration, January 2019 marks other changes based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax, as well as the retirement earnings test exempt amount, will change in 2019.
Usually, there is an increase in the Social Security and Supplemental Security Income (SSI) benefit amount people receive each month, starting the following January. Law requires that federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The CPI-W rises when prices increase for the things the average consumer buys. This means that when prices for goods and services we purchase become more expensive, on average, the COLA (cost-of-living adjustment) increases benefits and helps beneficiaries keep up with the changing cost of living.
Monitor your SS account, receive notices on new benefits and other news through an online Social Security Account. Sign up at www.socialsecurity.gov .