Retirees and others who rely on Social Security will see a large boost in benefits next year. The average benefit will increase by $141 per month, to keep pace with high inflation.
Kevin Soyt, Robert Hamilton and Dave Bayer participate in a water aerobics class in the John Knox Village Continuing Care Retirement Community pool on Oct. 15, 2021 in Pompano Beach, Fla. The Social Security Administration announced the largest cost-of-living adjustment in decades: 8.7%. Tulsa retiree Lynn Christophersen relies almost entirely on Social Security to pay her bills,"I quit using my dryer today," she said."I'm back to hanging up my clothes in my apartment.
Now though, with prices climbing rapidly, retirees can look forward to the biggest cost-of-living adjustment, or COLA, in four decades: 8.7%."Wow!" Christophersen exclaimed when told about the expected boost to her benefits."That's huge. That will make a difference." Social Security benefits still aren't all that generous. The average retiree currently receives around $1625 a month. About 1 in 5 seniors rely on Social Security for at least 90% of their income, so adjusting payments to keep pace with inflation is critical.
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