Social Security getting a boost in January bringing some payments to $1,600
64 million Americans that collect Social Security are in for a surprise next year as the latest COLA increase boosts their monthly payments.
The first checks in January will be the first ones to have the 5.9% increase in them, the highest since 1982.
Inflation has gone up higher than the COLA increase given to recipients, beating it out at 6.2%.
Retired beneficiaries collect on average $1,562.66 and will see their payment go up to $1,654.65.
The average increase is about $92.
Over 70% of claimants are retired Americans, but spouses and children get benefits they’ll see increase as well.
Americans collecting Supplemental Security Income will see an increase of 5.9% as well.
Their payments will increase $34 dollars and go from $587 to $621 in January.
Data from the Senior Citizens League in Aug. stated that one out of five seniors had to visit a food pantry or apply for food stamps to keep up with inflation.
Social Security has risen by 55% in the last two decades, but doesn’t match the 118% increase in housing costs over the same period of time.
Healthcare costs have also risen to 140%.
People have Tweeted their struggles on not being able to afford Thanksgiving, but it does not look like a federal stimulus check is coming anytime before the new year.
Get the latest headlines delivered to your inbox each morning? Sign up for our Morning Edition to start your day. FL1 on the Go! Download the free FingerLakes1.com App for Android (All Android Devices) or iOS (iPhone, iPad).