Social Security beneficiaries will see the increase in January, and those receiving Supplemental Security Income benefits will get increased payments starting Dec. 31.
The federal Social Security Act requires the annual cost-of-living adjustment, tied to the yearly change in the Consumer Price Index determined by the Department of Labor’s Bureau of Labor Statistics.
Beneficiaries are normally notified by mail in December about changes to their benefits. New this year, most people who receive Social Security payments can view their cost-of-living adjustment notices online through their my Social Security accounts. Recipients wishing to access the document online can visit www.socialsecurity.gov/myaccount.
Information about Medicare changes for 2019, when announced, will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2019 are announced.