- Over 67 million American retirees will have more spending power in 2019 thanks to a Social Security benefit boost.
- To offset inflation, the Social Security Administration raised the monthly amount given to beneficiaries.
- The average minimum monthly increase for retirees is $39.
More than 67 million retirees have something to look forward to in 2019. The Social Security Administration announced it is making a 2.8 percent cost-of-living adjustment (COLA) for its recipients in the coming year. This COLA is the biggest boost since 2011’s 3.6 percent spike and will give recipients a little bit more cash to cover expenses to offset rising inflation.
When translated to the wallets of Social Security beneficiaries, the average retired individual — aged 62 and older — will receive an extra $39 monthly to bring the average monthly benefit to $1,461. The average couple can expect an extra $67 a month to bring their average monthly check to $2,448, which can help with costs even if it doesn’t fully offset the cost of living.
For current beneficiaries, the most accurate way to check your personalized benefit change is to sign on to your secure online Social Security portal.
To get a rough estimate of the monthly Social Security benefits effective Jan. 1, 2019, GOBankingRates compiled the changes.
Find Out: 41 Social Security Tips for 2018
|Estimated Average Monthly Social Security Benefits Payable in January 2019|
|Average 2018 Benefits||Average 2019 Benefits||Net Increase|
|All retired workers||$1,422||$1,461||$39|
|Aged couple, both receiving benefits||$2,381||$2,448||$67|
|Widowed mother and two children||$2,797||$2,876||$79|
|Aged widow(er) alone||$1,348||$1,386||$38|
|Disabled worker, spouse and one or|
|All disabled workers||$1,200||$1,234||$34|
More on Retirement
- 10 Brilliant Ways to Reduce Your Taxes in Retirement
- Wells Fargo Crunched the Numbers: The Best 401k Plans Have These Key Features
- The True Costs of Retiring on Social Security
- Watch: How to Maximize Your Social Security Benefits in 60 Seconds
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