Social Security recipients are getting more money to help them cope with soaring consumer prices. Roughly 70 million retirees, disabled people, and other recipients will see a boost in their benefits next year.
Margo Hopkins is one of them.
“We get little increases from time to time,” she said. “At least it will help just with your ordinary groceries and living expenses.”
The cost-of-living boost of 8.7% is the largest adjustment since 1981. On average, that’s about an extra $140 a month.
CBS News Business Analyst Jill Schlesinger says that about 40% of retired people rely solely on social security as their income.
“They don't have big portfolios,” said Schlesinger. “They haven't saved a lot of money. Imagine that that's your only form of income, keeping pace with inflation is incredibly important.”
Seniors are not only getting a bigger check but many will see Medicare costs drop too. There will be a 3% dip in Medicare Part B premiums.
73-year-old Cynthia Darby is on social security too.
“It's never enough,” said Darby. “You’re not giving us anything. You're giving us what we already earned.”
Whether the adjustment will be enough to keep up with inflation, we don’t know. It all depends on what happens between now and the end of the year.
Critics argue that the one-size-fits-all increase doesn’t reflect what older Americans are actually spending.