MA Residents On Social Security Should Expect Some Extra Moolah!
For those who are receiving social security, I envy you as the waiting game continues for me to get on board as my 62nd birthday does not become official until July, so once again, as Little Anthony used to say "I'm On The Outside Looking In" (that has been the case for me lately as I'll stop right there) but there is some good news for anyone receiving monthly benefits. Due to the rise in prices as we struggle with inflation, a 8.7% cost of living increase is in the works.
These adjustments are the largest one-time increase since 1981 as benefits will be payable to over 65 million people who are currently receiving this much needed boost to cover their monthly expenses. Over 7 million people who are under Supplemental Social Security will receive their first increase prior to The New Year.
If you are wondering how monthly benefits are calculated, here is a small rundown: This annual adjustment is based by averaging inflation readings that wage earners and clerical workers are receiving as the results range anywhere between 8.2 and 8.5% to offset the high costs of food, fuel and basic expenses in your monthly budget as these days everybody is watching every penny due to these tough economic times.
It's not often you can say that a raise was issued and I'm counting the days until I can join this exclusive club and still work at the same time, but I'll cross that bridge when it becomes available to me by next summer. This is a bright spot for those who are battling to make ends meet and it could be the beginning of being the bearer of "good news" for a change.
BOTTOM LINE: Social Security: We pay into it while working on a regular basis. It's kind of nice to get some of this money back as I'm waiting for my turn at bat which is STILL months away, but there IS a light at the end of the tunnel for yours truly to get a slice of that MOOLAH, MOOLAH, MOOLAH!!
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