The 2019 Social Security cost-of-living adjustment is not likely to top 3%, as expected in earlier estimates. The COLA will more likely be closer to 2.8%, based on the latest estimates from The Senior Citizens League and myfederalretirement.com, an online financial and retirement newsletter for federal and postal employees.
(Related: Social Security COLA Could Top 3% in 2019)
At 2.8%, the 2019 Social Security COLA would still be the highest since 2012, when it reached 3.6%, and would top this year’s 2% level. It would translate into a $39 increase in the average Social Security payment, raising the monthly payout to $1,443.
The Social Security Administration is expected to announce the 2019 Social Security COLA soon after the Bureau of Labor Statistics releases its September Consumer Price Index level for Urban Wage Earners and Clerical Workers, known as CPI-W, on Oct. 11.
The COLA is based on the change in the average CPI-W from the third quarter from one year to the next. For 2019, the Social Security Administration will base the COLA on the difference between the CPI-W for the third quarter of 2017 and the third quarter of 2018.