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Social Security checks to increase in January

Retirees may experience a significant increase in the amount of money they receive from Social Security in 2019, according to the Social Security Administration.

» RELATED: Liz Weston: It's time to fix Social Security's tax burden

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.

» RELATED: Will Social Security checks be affected by possible partial government shutdown?

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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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