Social security payments for millions of Americans come to form a critical portion of each month’s income. However, as the cost of living continues to rise, each check goes not quite as far as the last in securing seniors’ livelihoods. The Social Security Administration takes regular measures to counteract this change in real income, oftentimes with good intentions that yield ineffective results.
This upcoming January, recipients of Social Security checks from Texas to Maine will see their payments increase 1.7 percent as part of a cost-of-living adjustment. The bump will cover almost 62 million who currently receive benefits from Social Security and Supplemental Security Income.
The 1.7 percent increase, which will amount to an average monthly increase of $21 for each recipient, is for many not nearly enough to cover the rising cost of necessities like groceries, gas, and utility bills, much less leisure activity such as travel and hobbies. One Alvin retiree specifically expressed disappointment in the adjustment small stature, claiming that the bump fails to cover his rising insurance costs.
For numerous check recipients, the extra 1.7 percent may be partially or wholly offset by recent increases in Medicare premiums, and the U.S. Bureau of Labor Statistics acknowledges that prices for consumers were 2 percent higher this September than a year ago.
As with this case, many situations involving Social Security and Supplemental Security Income come to put everyday senior Americans into tough financial straits in which making ends meet can be a frustrating puzzle, even after they have put in decades of hard work. An attorney who specializes in Social Security law can help ensure that seniors’ rights are protected and a livable income is secured.
Source: My San Antonio, “Bump in Social Security not seen as enough,” L.M. Sixel, Oct. 16, 2012
- Our firm has experience in various elements Social Security and can help win you the income you deserve. For more information, contact our Texas Social Security law page.