Social Security benefits rising in 2019, biggest hike in 7 years

(CBS) -- Social Security will provide a 2.8 percent increase in benefits in 2019, CBS reported, and is the largest increase since 2012.

Over 62 million retirees are set to receive increased benefits in January. According to CBS, that's $39 more per month for the average retired worker. Another 8 million SSI beneficiaries, such as disabled workers, will receive increased payments starting on Dec. 31.

In 2012, Social Security was given a 3.6 percent increase.

The annual cost-of-living, or COLA, is based on a broad offical measure of consumer prices. Advocates for seniors claim that the inflation index doesn't accurately capture costs faced by seniors, especially health care.

To learn more, visit the Social Security Administration here.