Social Security recipients are expected to receive the largest increase in benefit payments in over 40 years.
The program’s benefits could increase by about 10%, eclipsing last year’s increase of 5.9%, which was the largest benefit increase in decades at the time. That would increase each retiree’s benefits by an average of more than $2,000. The Social Security retirement benefit was a little more than $20,000 in June.
ONE-TIME DIRECT PAYMENTS WORTH $600 SENT OUT TO OREGONIANS IN NEED
However, that number would vary depending on the earnings and age of the recipient.
Social Security benefits are adjusted each year automatically to match inflation and consumer prices, allocating more money to recipients if living costs vastly increase. These cost-of-living adjustments build on each other each year.
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The actual increase recipients will see won’t be determined until October, but early predictions indicate it could be anywhere between 10% and 11%.
