RE­TIRE­MENT: So­cial Se­cu­rity re­cip­i­ents to re­ceive 2.8% hike

Milwaukee Journal Sentinel - - Business -

Tens of mil­lions of So­cial Se­cu­rity re­cip­i­ents and other re­tirees will get a 2.8 per­cent boost in ben­e­fits next year as in­fla­tion edges higher. It’s the big­gest in­crease most re­tired baby boomers have got­ten. Fol­low­ing a stretch of low in­fla­tion, the cost-of-liv­ing ad­just­ment, or COLA, for 2019 is the high­est in seven years. It amounts to $39 a month for the aver­age re­tired worker, ac­cord­ing to es­ti­mates re­leased Thurs­day by the So­cial Se­cu­rity Ad­min­is­tra­tion. The COLA af­fects house­hold bud­gets for about one in five Amer­i­cans, in­clud­ing So­cial Se­cu­rity ben­e­fi­cia­ries, dis­abled vet­er­ans and fed­eral re­tirees. That’s about 70 mil­lion peo­ple, enough to send rip­ples through the econ­omy. With the COLA, the es­ti­mated aver­age monthly So­cial Se­cu­rity pay­ment for a re­tired worker will be $1,461 next year. “For more re­cent re­tirees, the 2019 COLA will be the largest in­crease they have got­ten to date,” said pol­icy an­a­lyst Mary John­son of the non­par­ti­san Se­nior Cit­i­zens League. None­the­less many re­tirees and their ad­vo­cates say the an­nual ad­just­ment is too mea­ger.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.