Are you on Social Security? If so, you could be in for a sizable raise. The annual Social Security cost-of-living adjustment for 2019 could top 3 percent in 2019, which would be the largest increase in seven years, according to a new estimate released by the Senior Citizens League.
A 3 percent cost-of-living adjustment, or COLA, in 2019 would be the biggest annual hike since 2012, when Social Security benefits grew by 3.6 percent. This year the COLA was 2 percent, following a meager 0.3 percent increase in 2017 and no increase at all in 2016.
The Senior Citizens League's COLA estimate for 2019 is based on consumer price index data through April. Social Security COLAs are based on the increase in the index that measures price inflation for urban workers, from the third quarter of the prior year to the corresponding third quarter of the current year.