Social Security to increase 1.6 percent next year for cost-of-living adjustment

The Social Security Administration announced Thursday that Social Security and Supplemental Security Income (SSI) benefits will increase 1.6 percent for nearly 69 million Americans next year.

The 1.6 percent increase is a cost-of-living adjustment (COLA) and will begin with benefits payable to over 63 million Social Security beneficiaries starting in January.

Increased payments to over eight million SSI beneficiaries will start Dec. 31, 2019.

The annual COLA is tied to the increase in the Consumer Price Index determined by the Dept. of Labor’s Bureau of Labor Statistics.

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