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For the past decade, the average cost of living increase each year was just 1.65%. With the fallout from the ongoing Coronavirus Pandemic, the increase next year will be 5.9%, the largest increase in the cost of living since July of 1982 when it rose 7.4%.
This means that for the 70 million Americans who receive social security their benefits will also increase 5.9%.
This increase looks huge next to last year’s, which was 1.3%, and means that the average monthly benefit will be $1,657 per month, up $92 from last year. This also brings the total yearly benefit to $19,884.
If you receive benefits from the Supplemental Security Income, those payments will now be $841 for individuals and $1,261 for couples, per month.
While this will put more money in the pockets of those who depend on these benefits many fear this will not be enough to keep up with the rising prices and cost of living. Nancy Altman, president of Social Secuirty works, an advocacy group said "You're glad that you get a 5.9 percent increase, but it doesn't feel like you're getting 5.9 percent when all of your other costs are going up much higher."
Read the full article by Elder Law Answers here.
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Click here to learn more about the Cost-Of-Living Adjustment and the Supplemental Security Income.