Social security checks going up in January - Toledo News Now, Breaking News, Weather, Sports, Toledo

Social security checks going up in January

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Report by Lauren Lowrey - email

Posted by LS

"It's wonderful!" says one retiree.

That was the consensus at the Eleanor Kahle Senior Center. We interrupted the morning routine with news they'd get an extra $63 a month in social security, starting in January.

What will they do with the extra funds?

"Probably pay my gas bill," says one, 'That's doubled."

"The heating bills are high," says another, "The gas prices are just going down, ya know, and this is gonna be a great help for everybody."

There's always a few folks who want to use it for recreation. "It'll be something extra to go out to dinner, buy some new shoes -- you know ladies like jewelry," one tells us. 

The announcement makes for the largest cost-of-living increase in 26 years, and more than just retirees will be benefiting.

"Well this is going to benefit retirees. It's going to benefit the disabled. It's going to benefit people that are on SSI because it will be an increase on average about $60 a month. The average check is about $1,000 a month for social security," says Erin Thompson with the Social Security Administration.

In addition to the increase

For the first time ever, people on Medicare Part B won't see an increase in their monthly payment. That means they'll get a raise from social security and their $96.40 taken out each month for Medicare won't budge.