The latest increase for Social Security recipients is 5.9%, one of the biggest in recent history. It will give beneficiaries on average an extra $92 per month.
While this is good news, it makes up for inflation that senior citizens have had to struggle with since the start of the pandemic. It ultimately cancels out any extra money they might have made.
Not only that, but inflation is expected to continue. Increases in Medicare premiums are expected as well. This will eat away at that extra boost and potentially putt recipients in the same position by the end of 2022.
Medicare is expected to have premiums rise by 5% and Part D by 7.6%.
SSI is a huge part of a beneficiaries income. Many have had to find different ways to make ends meet. Some are tapping into retirement or applying for food stamps.