Social Security Benefits to See Biggest Increase in 26 Years
by
Francine Huff
October 24th, 2008
October 24th, 2008
People who receive Social Security can expect their benefits to increase 5.8% next year. The Social Security Administration said the Cost-of-Living Adjustment (COLA) is the largest since 1982. With the increase, the average monthly payment to retirees will rise to $1,153 from $1,090.
However, despite the increase, many seniors may still have a tough time making ends meet. The cost of Medicare Part B premiums, which are deducted from Social Security benefits, tends to rise faster than the COLA, so the net benefit won’t keep pace with inflation, according to a brief written by Alicia Munnell and Dan Muldoon of the Center for Retirement Research at Boston College.
RSS Feed
