Social Security Benefits to Increase 2.9 Percent

Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019, the Social Security Administration announced today.

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.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $132,900 from $128,400.

Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. This year, for the first time, most people who receive Social Security payments will be able to view their COLA notice online through their my Social Security account. People may create or access their my Social Security account online atwww.socialsecurity.gov/myaccount.

Information about Medicare changes for 2019, when announced, will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2019 are announced.

Cost of Living Adjustments for Social Security Since 2001

  • January 2001 — 3.5%
  • January 2002 — 2.6%
  • January 2003 — 1.4%
  • January 2004 — 2.1%
  • January 2005 — 2.7%
  • January 2006 — 4.1%
  • January 2007 — 3.3%
  • January 2008 — 2.3%
  • January 2009 — 5.8%
  • January 2010 — 0.0%
  • January 2011 — 0.0%
  • January 2012 — 3.6%
  • January 2013 — 1.7%
  • January 2014 — 1.5%
  • January 2015 — 1.7%
  • January 2016 — 0.0%
  • January 2017 — 0.3%
  • January 2018 — 2.0%
  • January 2019 — 2.8%