Social Security gets a boost in January, pushing some payments to $1,600
64 million Americans collecting Social Security will be in for a surprise next year as the latest COLA hike increases their monthly payments.
The first checks in January will be the first with a 5.9% increase, the highest since 1982.
Inflation has surged higher than the COLA raise given to recipients, beating it by 6.2%.
The average increase is about $92.
More than 70% of claimants are retired Americans, but spouses and children will receive benefits that will see them increase as well.
Americans who receive supplemental security income will also see a 5.9% increase.
Their payments will increase $34 dollars and go from $587 to $621 in January.
Data from the Senior Citizens League in August showed that one in five seniors had to visit a food bank or apply for food stamps to keep up with inflation.
Social Security has increased by 55% over the past two decades, but it doesn’t match the 118% increase in housing costs over the same period.
Healthcare costs have also risen to 140%.
People have been tweeting their struggles over not being able to pay for Thanksgiving, but it doesn’t look like a federal stimulus check before the new year.
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