Good news for those who are collecting Social Security: Your monthly checks likely will be bigger next year.
The Social Security Administration generally announces its cost-of-living adjustment in October.
The Senior Citizens League, a nonpartisan organization, keeps an ongoing estimate of what that increase could be. The latest estimate — excluding September — pegs that increase at 2.8 percent. For those collecting the average Social Security benefit of about $1,400, that would mean an extra $39 a month.
If that does not change between now and October, that will be the highest bump retirees have seen in recent years.
In 2018, the cost-of-living adjustment increased by 2 percent, though for many that increase was eaten up by higher Medicare premiums.
In 2017, the cost of living adjustment was just 0.3 percent, while in 2016, it was zero.