If you draw Social Security, you will likely be seeing a boost in your monthly check.
That Cost-of-Living-Adjustment is going up 5.9% to try and keep up with inflation. According to estimates released on Wednesday by the Social Security Administration with the increase the estimated average Social Security payment for a retired worker will be $1,657 a month next year. A typical couple’s benefits would rise by $154, to a tota of $2,753 per month.
The Social Security Administration says that the adjustment affects about 70 million Americans, including retired social security recipients, disabled veterans and federal retirees. That increase is the largest in the last 39 years.
(AL.COM/www.al.com)