COLA Increases Incoming For Social Security

Social Security beneficiaries are in for a 2.8 percent cost of living bump to their monthly checks next year to combat inflation. It’s the largest cost of living increase in some time. AARP Associate State Director of Advocacy Andrew Muhl says that’s extra cash in the pocket of 70 million Americans.

“The average social security retirement benefit is going o increase by about 39 dollars a month, and that translated to about 468 dollars per year.”

Muhl says the 39 dollar on average increase is going to impact the lives of over half a million Louisianans.

“There are roughly 524,000 Louisianans who receive retirement benefits, and the average amount of the benefits is about $1,312.”

Inflation and rising medical costs have put the financial stability of many who rely on the payments in jeopardy. Muhl says the substantial increase comes at a time when the extra money is sorely needed by many seniors.

“This is going to help hopefully offset much of that, which will keep families healthier and allow them to go to the doctor more often, and be able to take care of themselves.”