The numbers are in! The Social Security Administration has announced a 1.6% cost of living adjustment for all benefits. This is good news for 69 million retirees, disabled individuals and dependent survivors of deceased workers. In many recent years, the Social Security Administration did not make an increase in benefits. The adjustment was zero in 2010, 2011 and 2016. However, the increase in benefits for 2019 was 2.8% and 2018 was a 2% raise in benefits.
The Social Security Administration utilizes a complex formula for determining the increase which includes information from the consumer price index along with several other factors. Overall, the average raise in benefits over the last decade has been just 1.4% which certainly does not keep up with inflation and has resulted in an overall 33% decrease in purchasing power over the last several years. See the official press release from the Social Security Administration.
This is a small victory, but one we are celebrating non the less. We will continue to fight for those who need these benefits and ensure they are receiving the maximum amount possible.
