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.
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.
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