Inflation is rising and for the second year in a row, US seniors will see more money in their social security checks beginning in January.

Seniors will get a 2.8 percent boost or cost of living adjustment next year up slightly from the 2 percent increase this year. The average payment per month for all retired workers will go up from $1,422 to $1,461 per month or about $39.

This increase will cover 67 million Americans and is the largest since 2012. The Consumer Price Index (CPI) in September showed a 2.3 percent increase in the cost of all items over the past year. The other main contributor to inflation is housing; first-time home buyers and low inventory are driving up prices.

One aspect that concerned seniors, particularly retired military veterans, was that 5 million Social Security recipients with the smallest monthly payments would see no increase in 2019 after taking into account the rising Medicare Part B premiums which are automatically taken out of SS checks.

More From WOMI-AM