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Social Security Beneficiaries to Receive 2.8% COLA Increase in 2019

Nov 26, 2018

The federal government has announced that Social Security beneficiaries will receive a 2.8% cost-of-living adjustment (COLA) for 2019. The increase, while modest, is the largest retirees have seen in seven years. The current average monthly benefit for Social Security is $1,400. "The increase will help all Social Security beneficiaries, seniors, surviving spouses and children, as well as people with disabilities," said Robert Roach, Jr., President of the Alliance for Retired Americans. However, the increase is not enough to keep up with the rising cost of health care and especially prescription drugs, which far exceeds the rate of inflation.