While it will not be official until mid-October, it appears that Social Security benefits will be rising by 2.8% in 2019. This will be the largest cost-of-living adjustment since 2012.
Assuming the 2.8% adjustment is implemented, those receiving a maximum SSI benefit will get an additional $21 per month bringing their payment total to $771. Those receiving Social Security retirement income will get an extra $28 for every $1,000 they are currently receiving. That amounts to a $700 annual increase for a retiree who is receiving $25,000 in 2018.
For questions about retirement income benefits or government benefits for individuals with special needs, please contact us.