Social Security to increase checks for retirees by 2.8 percent

WASHINGTON (WSET) -- Anyone who is retired could be seeing a big increase in the amount of money they receive from Social Security in the coming year according to WTTG.

The Social Security Administration is raising the amount you will receive by 2.8 percent to account for cost of living raises in 2019.

The average check will now be $39 more per month, which is the largest increase since 2012.

For anyone who retires at full retirement age (anyone born between 1943 and 1954) your current maximum benefit will also be increased by around $73 per month.

These changes will impact around 67 million people.

In 2018 the cost of living adjustment was just 2 percent, or about $27 per month, but many people saw this increase as a neutralizer to the increased cost of Medicare.