In 2019, the pension in the USA will grow: for whom and to what extent
67 Millions of American Retirees can count on an increase in social benefits in 2019.
Фото: Depositphotos
The Social Security Administration announced that it will conduct a cost-of-living adjustment (COLA) this year, on which its benefits are based, on 2,8%. This is the biggest COLA increase since 2011, when it rose by 3,6%. The increase will give social security recipients a little more money to cover expenses in order to compensate for inflation in the country, writes GO Banking Rates.
Translating this into absolute numbers, the average retiree—age 62 and older—would receive an additional $39 per month, for an average monthly pension of $1. The average couple can expect to pay an extra $461 per month, bringing their average monthly bill to $67.
The most accurate way to check how much each individual beneficiary's pension will increase is to log into their Social Security online portal and look at the new numbers.
A rough estimate of monthly social benefits from January 1 2019 can be seen in the table below.
Infographics: GO Banking Rates
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