Millions of Americans who rely on Social Security can expect to receive their biggest payment increase in years this January, according to projections released Thursday by the trustees who oversee the program.
But the elderly shouldn’t get too excited.
Most popular Nation stories
The increase is projected to be just 2.2 percent, or about $28 a month for the average recipient. Social Security recipients have gone years with tiny increases in benefits. This year they received an increase of 0.3 percent, after getting nothing last year.
More than 61 million retirees, disabled workers, spouses and surviving children receive Social Security benefits. The average monthly payment is $1,253.
The trustees released the projection, along with their annual warning about the long-term financial problems of Social Security and Medicare, the federal government’s two bedrock retirement programs. Medicare provides health insurance to about 58 million people, most of whom are at least 65 years old.
Unless Congress acts, the trust funds that support Social Security are estimated to run dry in 2034, the same year as last year’s projection. Medicare’s trust fund for inpatient care is projected…
click here to read more.