Social Security checks finally get an increase, but it’s still not enough

Image: 401(K) 2012 via Flickr Creative Commons,

Social Security recipients have been waiting for years for a decent increase in their checks. It will come next year, but it’s too little, too late.

The Washington Post’s Heather Long puts the numbers in perspective: The average check is currently $1,377 a month, so the monthly increase, on average, comes to $27.

“The raise is a cost-of-living adjustment (COLA) that’s meant to keep up with higher costs of everything from rent to medications,” Long wrote. “But many seniors think the government’s calculations are flawed.

Gary Koenig, vice president of financial security at AARP told Long: “If you polled seniors, 10 out of 10 would say the COLA is not keeping up with their costs.”

Read more (Washington Post) »

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