Retirees may experience a significant increase in the amount of money they receive from Social Security in 2019, according to the Social Security Administration.
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The United States Social Security Administration’s new 2.8 percent cost-of-living adjustment will add approximately $39 per month (or $468 per year) for the average beneficiary and $73 per month for folks who retire at full retirement age.
About 67 million Social Security and Supplemental Security Income beneficiaries will be affected in the largest boost since 2012.
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In 2018, cost-of-living was adjusted at 2 percent "but was largely perceived to be offset by increases in Medicare costs," according to FOX Business.
The standard monthly premium for Medicare Part B enrollees in 2019 will increase by $1.50 per month, totaling an annual cost of $135.50 from $134 in 2018.
More information about Medicare premiums and deductibles at cms.gov.
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