WASHINGTON (AP) — Tens of millions of Social Security recipients and other retirees will get a 2.8 percent increase in benefits next year as inflation edges higher. For the average retired worker, it amounts to $39 a month.
After a period of low inflation, the increase for 2019 is the highest in 7 years.
The cost-of-living adjustment, or COLA, affects household budgets for about one in five Americans, including Social Security beneficiaries, disabled veterans and federal retirees. That's about 70 million people, enough to send ripples through the economy.