Starting this month more than 62 million people who receive Social Security checks will see a 2.8% cost-of-living adjustment, which will translate to an increase of approximately $39 a month, or $468 a year, for benefits of $1,400 a month.

This marks the biggest increase since 2012, when the hike was 3.6% – last year, it was a flat 2.0%

A portion of the increase will be eaten up by higher monthly premiums for Medicare Part B recipients. Those costs will increase by $1.50 per month, reaching $135.50 in 2019 up from $134 in 2018.

Recipients were notified of the change by mail in December.    

Social Security increases are tied to changes in the Consumer Price Index, as determined by the Department of Labor’s Bureau of Labor Statistics.

(al.com/www.al.com)