On Thursday, Social Security Administration officials announced that the cost-of-living adjustment for 2019 for their beneficiaries will be 2.8 percent, the biggest increase since 2012. Last year the increase was 2 percent, and the previous three years were only 2 percent combined.
Under current law, annual cost-of-living increases are automatic for Social Security benefits, meaning the executive branch can enact them without intervention from Congress. Certain other federal benefits, such as military retiree payouts, are also automatically boosted by that decision.
But the Social Security announcement also serves as the baseline for a host of other federal benefits calculations that do require yearly reauthorization, including Department of Veterans Affairs payouts.
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