The Social Security Administration has announced that the cost-of-living adjustment to benefits will be 2.8 percent next year.
That is the biggest increase since 2012, when beneficiaries saw a 3.6 percent increase.
But before you celebrate, there are some things you need to keep in mind.
The average Social Security benefit in 2018 is $1,422. With the cost-of-living adjustment, that will be $1,461 per month in 2019.
That extra $39 per month will amount to $468 per year, or $936 per year for the average couple, according to David Freitag, a financial planning consultant and Social Security expert at MassMutual.
"This is real money you're talking about," Freitag said.
But retirees should take several steps to make sure they get the most out that extra income.