Social Security Benefits Will Soon Increase. Here’s What We Know.

With the new year, is coming a change in Social Security benefits for millions of Americans.

There is going to be a cost of living increase to benefits that amounts to a raise of 3.2%.

According to AP News, this increase amounts to between $50 and $59 per month for the average Social Security recipient.

Now, I know, I know. This year saw a nearly 9% increase in benefits, so 3.2% seems like a measly pittance of a handout.

Compared to last year’s 8.7% increase, this is going to feel small and the perception is that it’s not keeping up with the inflation and the higher costs that retirees are still seeing.

Martha Shedden, president of the National Association of Registered Social Security Analysts

But, hey, any increase is a good increase, right?!?

This is the government we are talking about. Be thankful there is even an increase.

Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices. — We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.

Jo Ann Jenkins, CEO AARP

This Social Security increase is going to apply to everyone who receives benefits — retirees, disabled people, and children.

Social Security benefits are paid for out of payroll taxes that are collected from millions of working Americans.

Basically, if you are working in the U.S., you are paying for Social Security, which is a good thing.

This means that once you hit retirement age, you too will be eligible for Social Security benefits.