GREEN BAY, Wis.(WFRV)- Senior citizens and others who receive Social Security benefits will see an increase of 5.9% in mid-January.
“I think it’s great. People have really been struggling more than ever these past couple of years,” said Diane Auger of Green Bay. Auger thinks the increase is coming at the right time. “I think anything the Government can do to make it easier for people like myself, and especially for others who are suffering, I’m all for it,” said Auger.
The increase is part of the cost-of living adjustment that is the largest since 1982. “It’s pretty good because it gives you something to fall back on,” said Bob of Green Bay. Bob has received the benefits for a while and says he leans on faith to get through. “It’s all up to God, if He wants it to go up, He is going to increase it up,” said Bob.
The Social Security Administration says they began mailing out notices to all recipients in early December to alert them of the increase. If you did not receive one, the information can be found here: https://www.ssa.gov
AARP says it’s important for recipients to know that with the bump in pay, comes a bump in other expenses. “When people see their Social Security checks, know that you are going to get a good increase from the cost-of-living adjustment. At the same time Medicare premiums are going up. That is going to offset a little bit of that increase,” said Lisa Lamkins of AARP.
For the average Beneficiary, the increase will be about $90. The cost-of-living adjustment or COLA goes into effect for the December benefits, but will be on checks beginning on January 12th 2022. The SSA says they adjust payments each year based on the prices of goods like food, and gasoline. Inflation in recent months has also been a factor.