Monthly Archives: November 2018

Are My Social Security Checks Expected to Increase in 2019?

The Social Security Administration recently stated that payments to Social Security and Supplemental Security Income beneficiaries are set to increase for next year. Specifically, the payments are expected to rise 2.8 percent. Why Are My Social Security Checks Increasing? This payment increase is due to an automatic cost-of-living adjustment, also known as COLA. COLA is based on low inflation and dictated by law. It takes effect on December 31 for the country’s 8 million SSI recipients. The COLA is based on the Consumer Price Index for urban wage earners and clerical workers, or CPI-W. This measures different price changes for food, clothing, transportation, housing, medical care, energy, education and recreation. Low-income disabled and elderly people that receive Supplemental Security Income also receive a COLA. In addition to retirees, other Social Security beneficiaries include disabled employees and surviving children and spouses. If you receive SSI, the maximum federal payment will increase…
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