Social Security Retirement Benefits Going Up
Social Security recipients will be getting a 2.8 percent cost of living increase in their monthly checks next year to combat inflation.
It’s the largest cost of living increase in some time. AARP Associate State Director of Advocacy Andrew Muhl tells Louisiana Radio Network this is extra cash for 70 million Americans. “The average social security retirement benefit is going o increase by about 39 dollars a month, and that translated to about 468 dollars per year.”
Muhl says the 39 dollar on average increase will impact the lives of over half a million folks in Louisiana.
“There are roughly 524,000 Louisianans who receive retirement benefits, and the average amount of the benefits is about $1,312.”
Retirees have been struggling to keep up with rising medical costs and inflation. Muhl says the substantial increase comes at a time when the extra money is sorely needed by many seniors.
“This is going to help hopefully offset much of that, which will keep families healthier and allow them to go to the doctor more often, and be able to take care of themselves.”