For those who collect Social Security, benefits will increase 2.8 percent next year. That works out to an average of $56 a month.
Andrew Muhl, the director of advocacy for AARP Louisiana, says these cost-of-living adjustments are good news for Louisiana seniors.
“These automatic COLAs really help ensure that those payments maintain their value. And these are inflation-proof and really are protected income for retirees,” Muhl explained.
Muhl says with the price of everything going up, every dollar helps, so this increase will come in very handy.
“These adjustments are crucial to allow Americans to continue to pay their bills and cover expenses, when so many of them are on a fixed income,” Muhl said.
Muhl says lawmakers from both parties have pledged to protect Social Security, and they need to continue to do so.
“We need them, to celebrate how important social security is and to continue to ensure it’s there. Not just for older Americans today, but for our kids and grandkids tomorrow,” Muhl said.
This year’s increase evenly splits the difference of last year’s increase of 2.5% and the 10-year average of 3.1%.