Social Security Recipients Will Get A 5.9% Increase, The Largest In Decades
The
This month,
Johnson is grateful to still be working as a policy analyst for the
"I have to do repairs to my home. I've been waiting for the costs to come down a little bit before I started that," she said. "So I have some big expenses ahead."
Johnson's worried about seniors who have to pay high prices with their retirement savings.
"I have sitting beside me over 300 emails that we have received in just the past two months from people who are desperate," she said.
Food costs, medical bills and rising rents are some of their usual concerns.
"They're charging a surcharge. I mean, I'm not unrealistic. They've had a really hard time," Green said.
Even so, he's dipped into his savings to pay for health insurance. And he isn't sure a 6% bump in benefits will go that far.
"They keep screaming about it being such a big increase, [it] is not going to be that much of an increase," Green said.
The adjustment lifts benefits along with the rise in inflation, but they won't decline if prices drop. In that case, seniors may have more buying power - at least for a while.
LIZ WESTON: Fortify your finances against natural disaster [Column]
Social Security Aid To Rise 5.9% For 70 Million In Biggest Boost Since 1982
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News