Social Security Benefit Increases 2.8 Percent for 2019

The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019.

The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. And increased payments to more than 8 million SSI beneficiaries will begin on Dec. 31, 2018. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. This year, for the first time, most people who receive Social Security payments will be able to view their COLA notice online through their My Social Security account. People may create or access their My Social Security account online at www.socialsecurity.gov/myaccount.

When completing certifications for households who have Social Security or SSI income, you’ll need to calculate the 2.8 percent COLA into their annual anticipated income. Suppose when calculating the COLA into annual anticipated income, a resident is due to move into her new unit on Dec. 1, and you’ve verified she receives $650 per month in Social Security benefits. In order to accurately anticipate her annual income, you must include the 2.8 percent COLA for January through November of 2019.