Those receiving social security benefits, including those on social security retirement and on social security disability, will receive the largest cost of living adjustment (COLA) in seven years. The Social Security Administration announced a COLA increase of 2.8%, compared to a 2% increase last year.
What does that mean money wise?
A 2.8% increase would boost the average Social Security benefit by $39 to $1,461 per month next year and increase the maximum benefit for someone who retires at full retirement age by about $73 to $2,861 per month in 2019. The 2.8% COLA for 2019 follows a 2% increase this year. Previously, Social Security benefits increased a meager 0.3% in 2017. There was no increase in benefits in 2016.
If you, a family member, or friend have been denied Social Security Disability or need to apply for Social Security Disability, call Mooney Law right away at 833-MOONEYLAW. We can help. All social security disability consultations are FREE.