Call 630-398-3329 to speak with an agent.

Call 630-398-3329 to speak with an agent.

Social Security Beneficiaries Get a “Raise”

Posted by David Cheatham, October 23, 2018

Starting in January, recipients of Social Security benefits will have a reason to celebrate: Checks will be increasing by 2.8 percent, putting a bit more money in your pocket each month.

Each fall, the Social Security Administration analyzes rates of inflation for the current year, and issues cost-of-living adjustments (COLA) to monthly checks accordingly. These adjustments are certainly not guaranteed, as we’ve discovered in years of very low to zero inflation. Sometimes the increases are not issued, and at other times they are disappointingly small. In fact, the COLA for 2019 is the largest we’ve seen since 2012.

For those receiving the average Social Security benefit of $1,400 per month, the 2.8 percent increase will amount to an extra 39 dollars per month. Rates for Medicare Part B premiums, which are deducted from Social Security checks, have not yet been announced. If they also rise, some retirees might not see much extra cash in their checks.

Cost of Living Adjustments are determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. This index tracks the prices of various goods and services to arrive at an approximate inflation figure each quarter of the year.

Some retiree and senior advocacy groups say that the CPI-W is not the best measure of inflation for retirees, however, because the index does not account for the largest expense faced by most retirees. The price of healthcare continues to rise at a much faster rate than overall inflation, cutting into the buying power of those living on fixed incomes. But for now, this is how our system works.

Managing your healthcare expenses is more important now than ever, and you have the opportunity to reevaluate those expenses each year during Medicare’s Annual Election Period. From October 15 through December 7, you can compare different Medicare plans. Take the time to shop around, and locate a plan that best provides for your healthcare needs while accommodating your budget.

Need more information on your insurance options?

Contact us online to learn more

Contact Us

Close Accessibility Tools
Accessibility Controls Reset
Content Adjustments
Font Size

Default

Line Height

Default

Content Scaling

Default

Highlight Titles
Highlight Links
Highlight Forms
Align Left
Align Center
Align Right
Focus Mode
Color Adjustments
Desaturate
Monochrome
Contrast

Default

Saturation

Default

Accessibility Statement

Despite our attempts to make this website accessible for everyone, there may still be some pages or sections that are not completely accessible, are in the process of becoming accessible, or do not have a suitable technological solution to make them accessible. Nevertheless, we are always striving to enhance our accessibility by adding, updating, improving its options and features, and incorporating new technologies.

We want to provide our users with the best experience possible, so we strive to support as many browsers and assistive technologies as possible.

If you wish to contact this website's owner, please use the contact form on the website.

Our User Interface Adjustment Options

Font adjustments - With this tool, users can modify font size, style, letter spacing, and line height for improved alignment and readability.

Color adjustments - Users can customize their color contrast profiles to light, dark, desaturated, and monochrome.

Content highlighting - Users can prioritize key elements such as links, forms, and titles.

Content focus - Users can enable focus mode to highlight the current page information based on their mouse movement.

Close