People who receive Social Security benefits are going to see an increase in their checks this coming year. The Social Security Administration (SSA) recently announced that the cost of living increase for 2019 is 2.8 percent. This is based on the current inflation for the country as a whole.
The average benefit check will increase by around $39 per month, which equates to $468 for the year. This is the biggest increase that recipients have seen since 2012 when it went up 3.6 percent.
Even though this might not seem like a big increase to some people, it is big news for many who count on these benefits. Still, some worry that they won't be able to enjoy that extra money. Some say that the increase in medical care costs, namely prescriptions, will eat it up.
People who currently receive benefits can check their online account to see how the change will impact them. Once you do this, financial experts warn that you should plan for the increase. It is easy to let that money just slip away, but you might be able to put it toward savings or another important purpose.
Of course, you also have to consider how your other bills might increase so you can see if you make adjustments to benefit your budget. Everyone's financial state is unique so be sure to base your decisions off your position.
If you are still going through the application process, you should still pay attention to how these increases impact benefits. This might affect what you are entitled to when your benefits begin.