|Finally! An increase is coming to|
Social Security Benefits.
photo by Wikipedia.com/commons
I have a number of friends and neighbors who have been living on a fixed income the past few years. Several of them are either totally dependent on Social Security, or it makes up a large part of their income. This increase, although small, will provide them with some help.
The reason that there has been no increase during the past two years is because the official rate of inflation was considered too small. Only twice since 1975 have Social Security recipients gone without a Cost of Living Increase ... and that was in the past two years.
It is important to also note that the increase in benefits will be partially lost because Medicare premiums are expected to increase by around $3 to $8, and these premiums are deducted from Social Security payments.
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