The Social Security Administration on Thursday announced a 2.8-percent increase for Americans’ Social Security benefits in 2019, the largest increase since 2012.
The cost-of-living adjustment (COLA) will impact more than 62 million Social Security beneficiaries and more than 8 million beneficiaries of supplemental security income, which helps elderly and disabled people, SSA said.
{mosads}The size of COLAs is linked to the consumer price index, a measure of inflation. The COLA was last larger than 2.8 percent in 2012, when it was 3.6 percent. For 2018, the Social Security COLA was 2 percent.
The Social Security Administration also said that the maximum amount of income subject to Social Security taxes in 2019 will be $132,900, up from $128,400.
Many Democrats have been calling for an expansion of Social Security, with a group of more than 150 Democratic lawmakers forming a caucus on the topic last month. A number of Democratic lawmakers praised the COLA increase but also said an expansion of the program is needed given the rising costs of seniors’ expenses.
“Today’s announcement of a 2.8 percent Social Security cost-of-living adjustment is good news for seniors, people with disabilities, and other beneficiaries who depend on Social Security,” said Rep. John Larson (D-Conn.), the ranking member on a House subcommittee on Social Security.
“However, more must be done since for two-thirds of retirees, Social Security is the majority of their income. These are already modest benefits; especially for low-wage earners, women, and especially women of color.”