ROCKFORD, Ill. (WTVO) — In just a few months, Social Security recipients will receive larger checks as payments are set to increase 6% in January.
The increase is the largest since 1982.
More than 70 million Americans relay on the Social Security system to make ends meet. Reports say one-quarter of those participants will depend on Social Security as their only source of income.
Dr. Herb Allen, of MainStreet Financial Group in Rockford, says the increase is necessary to keep up with today’s cost of living, but he worries inflation will prompt the government to delay the age Americans can receive full benefits.
“Their benefits for retirement from the government are going to be delayed, rather than using numbers that we have today. I think I definitely would, if I was in my 40s or even 50, I would say plan on having a source of income on your own until you’re 70 years old,” Allen said.
The payment increase will mean an extra $92 a month for a single person or $150 for couples.