Social Security increase yields the lowest benefits bump seen in decades. Due to the government shutdown, the exact amount will not be known until the inflation report for September is released. According to KING 5 Seattle on Oct. 14, this was supposed to happen on Wednesday last week.
Preliminary figures suggest next year's benefit increase will be roughly 1.5 percent, according to an analysis by The Associated Press.
The Social Security increase or cost-of-living-adjustment (COLA), is based upon consumer prices which apparently did not go up very much over the past year. COLA is also used to determine veteran’s benefits, Supplemental Security and benefits for federal retirees and their survivors.
The preliminary Social Security increase reported to be 1.5 percent, would only add about $17 per month to the average benefit of $1,162. Average increases to Social Security have been about 4.4 percent since 1975. The 58 million people who rely on this benefit are waiting with baited breath.
Those in need are barely getting by these days. More folks than ever are falling below the poverty line in the U.S. Let us hope that the shutdown ends soon so people can get their increase sooner.
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