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%.
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.
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