Social Safety checks to get 2% greater subsequent yr

Thousands and thousands of Individuals will get a lift to their Social Safety checks subsequent yr.

The government announced a 2% improve to Social Safety advantages Friday morning. The larger checks purpose to assist offset rising costs.

The common month-to-month verify is estimated to extend to $1,404 in January — a $27 improve from $1,377 a month.

Thousands and thousands of Individuals depend on Social Safety to assist make ends meet, and plenty of have been struggling within the face of upper costs on necessities like well being care, hire and meals. Not the entire recipients are retired employees — many are folks with disabilities, or surviving spouses and youngsters.

The two% improve is the highest since 2012 when retirees bought a three.6% increase. Firstly of 2017, recipients saw an increase of simply zero.three%. In 2016, there was no improve. Over the summer time, the Social Safety trustees had projected a 2.2% improve in advantages.

Related: 4 signs you might never retire

Round 62 million Americans will receive round $955 billion in Social Safety advantages this yr, in keeping with the Social Safety Administration.

The annual price of residing adjustment was launched in 1975 and relies on will increase within the Shopper Worth Index for City Wage Earners and Clerical Staff (CPI-W). CPI-W tracks how a lot shoppers pay for items and companies.

However some argue the rise isn’t sufficient to cowl rising costs.

“For the tens of thousands and thousands of households who rely on Social Safety for all or most of their retirement earnings, this price of residing improve could not adequately cowl bills that rise quicker than inflation together with prescription drug, utility and housing prices,” stated AARP CEO Jo Ann Jenkins in a press release Friday

The Social Safety Administration additionally introduced the utmost quantity of earnings topic to the Social Safety tax will improve to $128,700 from $127,200.

CNNMoney (New York) First printed October 13, 2017: 12:51 PM ET

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