GREENVILLE, N.C. (WITN) – It was announced on Thursday that social security checks will increase by 8.7%.
That is the biggest increase for social security recipients since 1981.
Starting in January of next year, those who get social security will receive about an extra $150 a month. For many Eastern Carolina senior citizens, the boost is long overdue.
Historic inflation continues to impact the United States. But now, 64 million Americans are getting some help with an 8.7% increase in their social security checks.
“I feel good about it. I am glad, ‘bout time they do something for us, that’s a great feeling, and I am happy,” Carlos Mercer, a social security receiver said.
According to the Social Security Administration, the jump is due to the cost of living, which has increased by over 8% from 2021 to 2022.
Although many area seniors say they are happy to get the annual adjustment, some say it is insignificant since the cost of food, energy, and other necessities has shot up.
“What I don’t understand is as soon as it goes up, gas goes up, food goes up, everything else goes up, so for the seniors, what are we accomplishing? We are not accomplishing anything,” Curtis Forbes said.
The annual Social Security and Medicare Trustees report leads to further concern and says the program trust fund will be unable to pay fall benefits to recipients beginning in 2025.
However, most people are just excited about the current benefit at hand.
The typical increase for social security is only about 2.4%.
The estimated average monthly social security benefit for all retired workers will rise to $1,800 in January.
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