Reminder: 2.8 Percent COLA Increase from Social Security in 2019
December 17, 2018 – Alexandria, VA – As we near the end of 2018, LeadingAge posted a reminder about the 2.8 percent COLA (cost-of-living adjustment) increase that the Social Security Administration announced back in October.
According to the SSA’s press release: “The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.”
The Motley Fool, a multimedia financial services and advice resource, pointed out in a post today that 2 million beneficiaries will not see this benefit due to the “hold harmless” provision introduced after the 2008 financial crisis. You can read more from The Motley Fool to understand that issue and whether or not it might affect you.
You also can consult your Social Security account directly. The Social Security Administration explains that beneficiaries should have received notification by mail earlier this month. You can also access your account online to see the notice. You can create or access your account at www.socialsecurity.gov/myaccount.