Retirees, who have felt the sting of stock plunges on their investment funds, are set to get a little help with an increase in Social Security as reported by the Associated Press. The $63 boost is not viewed as a significant sum in regard to offsetting the losses of many; however, there is some appreciation for the increase, which is stated to be the largest in over two decades.
Many individuals in America live on fixed incomes, and have been forced to balance their checks in accordance with the steadily rising costs of living, including those associated with food prices and energy. A report by the Senior Citizens League has stated that on average, those 65 and older have lost more than half of their spending power over the last eight years. The predicament of these senior citizens has been described as an economic crisis.
The increase in Social Security payouts will be reflected in an increase in taxes for 11 million of the 164 million workers paying for Social Security in 2009. Those who on average receive $637 monthly will see their payments increase to $674. The average disabled worker receiving benefits will see an increase from $1,006 to $1, 064.