Did you know that the rising cost of living is causing a significant increase in monthly expenses for many people living in the state of Washington? This article claims that inflation in the District of Columbia is 13%.
Happily, the 70 million or so Americans who rely on Social Security benefits can take heart in some encouraging developments. Average recipients will see a $1,680 increase in their annual Social Security benefits, or an extra $140 each month.
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Mary Johnson, a policy analyst at the Senior Citizens League, said, “A Social Security cost-of-living-adjustment of 8.7 percent is rare – enjoy it now.” The current beneficiaries may never again see a COLA of this magnitude.
Just how does this modification to my Social Security benefits work?
Millions of people’s lives will be drastically improved by the new cost-of-living increase (COLA). The cost of living adjustment (COLA) is intended to offset the effects of inflation on Social Security and Supplemental Security Income (SSI) payments.
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Benefits for eligible persons have increased by 8.7 percent this year due to inflation reaching record highs.