|How Much Will Social Security Recipients Collect Monthly in 2019?|
Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase just 2.8% in 2019, the federal government recently announced.
The 2.8% cost-of-living adjustment (COLA) will begin with benefits that more than 62 million Social Security beneficiaries will receive in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. (The Social Security Administration (SSA) notes that some people receive both types of benefits.)
The COLA amount for 2018 was 2.0%.
The purpose of the COLA, the SSA explains, is to ensure that the purchasing power of benefits is not eroded by inflation. The COLA is based on inflation changes as measured by the Consumer Price Index.
Estimated Average Monthly Social Security Benefits in 2019