Recipients of Social Security will receive more on their checks
Recipients of Social Security will be receiving a 9% increase of money with their Social Security checks. This would be about an additional $140 recipients would receive with their current checks.
This is the largest increase in social security benefits in forty years. This year, the maximum allowed benefit for someone who retired at full retirement age is over three thousand dollars on a monthly basis.
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While many people rely on social security welcome the increased benefits, there are some who do have concerns with the cost of living adjustment. Specifically that the increase in money is not enough to help offset the impacts of inflated prices.
The social security administration said the estimated average monthly benefit for all retired workers are just under two thousand dollars starting in January, and Medicare premiums will drop three percent to boost the social security increase.
About 70 million people including retirees, people with disabilities and even children receive social security benefits. The last time a cost of living adjustment this significant was in 1981 at 11.2%
For more information about social security benefits you can look here https://www.ssa.gov/benefits/retirement/learn.html.
For more information on the social security increase you can read it here https://www.wdio.com/front-page/world-national/social-security-benefits-to-jump-by-8-7-next-year/.