More than 70 million Americans rely on Social Security, and this includes disabled Veterans and retired federal workers. As many people who live on a fixed income can attest to, it can be hard to budget when the cost of essentials increases and the amount of Social Security stays the same.
Good news was recently released for those that are living on a fixed income: the government has announced that those that rely on federal benefits will see an increase of 1.7 percent in payouts beginning next year. This increase is to address the presence of inflation, help keep people from falling into poverty, and give those that are on a fixed income a little bit of security.
The increase will amount to about $20 per payout, which can seem like a minute amount, but in a year, that amounts to an additional $220 per payout. Not only does the cost of living affect social security recipients, it also affects 4 million Veterans and this increase will allow them to continue providing food, clothing, housing and medical care to themselves and their families.
To learn more about this increase, please visit http://www.socialsecurity.gov/news/cola/ or if you are a Veteran and have any questions about how this may affect you, please feel free to give us a call at (256) 883-7035.