INDIANAPOLIS — Millions of Americans will get a boost to their Social Security checks next year.
The government announced a 1.6% increase to Social Security benefits Thursday morning. The bigger checks aim to help offset rising prices.
The average monthly check is estimated to increase to $1,503 in January — a $24 increase from $1,479 a month that most retired workers received in 2018.
Some of the adjustments that take effect in January are based on the increase in average wages. Those increases also mean that the amount of earnings subject to the Social Security tax will also increase from 132,900 to 137,700.
If you receive Social Security benefits you should receive a notice in the mail sometime in December about what your new benefit amount will be.
Information about Medicare changes for 2020, when announced, will be available at www.medicare.gov.