WARNER ROBINS, Ga. — Inflation affects almost everybody in the U.S., but for some communities it can be crippling.
That's why the social security administration today announced that seniors, retirees, and disabled folks will see an increase in their benefit payments next year.
The goal is to help them cope with inflation. It's no secret that the price of almost everything is going up in the U.S.
"Oh yes, everything is going up up up and the pay stays the same,” Rose Smith said.
That's why each year, Social Security makes a cost of living adjustment to help people like Smith who are living on a fixed income.
"Honey, I use that Social Security money for paying bills; whatever needs to be done with it," she explained.
More than 60 million Americans currently receive benefits, and on Thursday, the SSA announced an increase of almost 9%, its highest since 1981.
That's an average of $140 a month for people nationwide.
"That, that is-- ooh. That's great. It’s been needed a payment increase for years and years so finally it’s here," Smith said.
This isn’t the first-time retirees, disabled Americans, and seniors have seen a jump.
"This year the average social security benefit for a retiree is $1657 per month and that's up from $1565 in 2021," Randy Goss said
Goss, the V-P of Rosenberg Financial Group, says while the payment increased $92 this year, inflation hit worse.
"When you're on a fixed income, price increases are apparent at every turn. Food costs more, energy bills are higher, services are higher, so these cost-of-living increases are really about people financially treading water," he said.
To stay away from the deep end, Goss recommends budgeting and asking for help when necessary.
"We need to ensure that we prioritize where we spend our money, and I encourage people to micromanage their budget. scrutinize every purchase," he said.
"Just thank God for it and its going to be put to good use," Smith said.
Social security and SSI beneficiaries are normally notified by mail starting in early December.
The fastest way to find out your new benefit amount is to access your personal "my social security account".
Around 7 million people will receive the increase on Dec. 30 2022, and the rest will begin in Jan. 2023.
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