‘It’s a long time coming’: Seniors rejoice about 5.9% increase in Social Security benefits
Those who receive Social Security benefits are about to see the biggest cost-of-living adjustment in nearly 40 years.
The 65 million senior citizens on Social Security are about to see a 5.9% increase in benefits, which accounts for around $95 a month.
“It’s a long time coming,” says 84-year-old Huntington Station resident Herb Fleischer. “And my heavens we deserve it.”
Fleischer and other seniors across Long Island are happy to hear about the boost in their monthly Social Security checks come January, but some are also hoping for more increases.
“It’s something that we all needed, especially senior citizens,” says Huntington resident Ben Vasile. “And I hope we can get another one soon.”
Seniors have only seen an increase of 1.3% every year for the last 10 years.
Financial adviser Mitch Goldberg says it doesn’t really keep up with the cost of living considering the rising costs of health care, medications for senior citizens, groceries and gas prices.
“Does it move the needle after they’re paying more for energy, heating, oil, more for natural gas, more for food?” Goldberg says. “Does it really move the needle for them? Not really.”
Social Security beneficiaries will receive a notice in the mail about their increased payments in December.