Every year, cost of living adjustments increase Social Security benefits.
Over the past decade, payouts have increased by an average of 1.66% per year, according to the Social Security Administration (SSA).
But for 2019, the increase will be 2.8% to keep pace with inflation.
Seems like a trivial difference until you realize that's 69% higher than expected.
That amounts to about $39 extra per check for the average retiree, according to the SSA.
And with about 62 million Americans receiving Social Security, that's an extra $2.4 billion per month… $29 billion per year.
Social Security is underfunded by $50 TRILLION. By the government's own estimates, the Social Security fund will run out of money in 2034.
But those calculations used previous cost of living adjustments.
Keep in mind that all future cost of living adjustments will compound on top of 2019's increase.
So even if they get back to the 1.66% average adjustments, the extra $29 billion is included in the base for future calculations.
Will Social Security really last until 2034?
Last year, they said it would last until 2035… Wrong. One year passed and insolvency came two years closer…
Before that, the Social Security Administration estimated that the funds would last until 2040… wrong again!