Social Security beneficiaries will receive a 3.2% cost of living adjustment next year. Inflation has been moderating recently, with consumer prices in September up 3.7% from a year ago.
Brandon Bell/Getty ImagesHigh inflation has been particularly tough for people who rely on Social Security for their income.Inflation held steady last month — and for retirees who depend on Social Security, the pace of price hikes means a more modest, though still welcome, cost-of-living increase next year.Prices rose 0.4% between August and September, compared to a 0.6% jump between July and August.
The average retiree will receive about $55 more each month, beginning in January — compared to this year's increase which averaged $114 a month."Every little bit helps," says Carol Egner, a retired administrator who lives in Ketchikan, Alaska. She says her Social Security check barely covers necessities such as insurance, gas and heat.Regina Wurst is also grateful for the cost of living adjustment, even though it's smaller than this year's.
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