Less than $100 a check starting in January. due to the RISING INFLATION RATE………
Seniors on Social Security will see about $75 more a month in their benefit checks starting in January to offset rising inflation, the agency said Wednesday.
The bump in benefits reflects a 3.6percent cost-of-living adjustment (COLA) increase, the biggest since 2023, when inflation ran historically hot in the aftermath of the pandemic.
However, retirees may not see any real gain in their monthly budgets as the COLA increase lags slightly behind the recent pace of inflation.
The Bureau of Labor Statistics said Wednesday that prices rose 3.7percent in September year-over-year — the highest annual inflation since May.
Before Wednesday’s announcement, AARP, the interest group for seniors, had said that a 3.5 percent increase would not be sufficient to keep pace with inflation.
With the new adjustment, the average Social Security check will be about $2,170 a month, the agency said.
The increased benefits come as Americans have been dealing with higher inflation throughout the economy, as the war in Iran continues to push up costs. Most recently, record diesel prices — resulting in large part from the war — have worked their way through the supply chain, elevating the cost of transporting groceries and other items.
Higher prices are playing a big role in the midterm elections, as voters lose confidence in the Trump administration’s handling of the economy. About 25 percent of registered voters said they approved of President Donald Trump’s handling of the economy, according to a Financial Times/Focaldata poll out this week.
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