Social Security payments are going up by 2.8 percent starting in 2019, the biggest increase in seven years since an increase of 3.6 percent in 2012 according to a MarketWatch report. A report by the U.S. Bureau of Labor Statistics (BLS) reveals the increases are due to a 0.1 percent rise in the Consumer Price Index (CPI) last month. The 2.8 percent increase means an additional $472 annually or $39 per month. It’s a small number individually but translates to a massive increase in consumer spending that should further boost the economy next year. More good news for President Trump.
Here’s more from Breitbart…
Retired Americans collecting Social Security payments will get their biggest payout in seven years starting in 2019.
Social Security benefits are slated to go up by 2.8 percent in 2019, making it the biggest gain for Social Security beneficiaries since payouts rose by 3.6 percent in 2012, MarketWatch reported Thursday.
The government released the figures after the U.S. Bureau of Labor Statistics (BLS) published its Consumer Price Index (CPI) Summary on Thursday. All increases in Social Security benefits are determined by the CPI, which rose by 0.1 percent in September.
The average recipient in 2018 got an estimated $1,405 per month in benefits. The 2.8 percent increase would tack on an additional $472 a year, or $39 per month, to those benefits.
The increase in benefits would be a welcome income boost to the 60 million retirees receiving them. Benefits rose just two percent in 2018 and 0.3 percent the year before.