Social Security beneficiaries will see highest increase in 4 decades

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PEORIA, Ill. (WMBD) — Social Security beneficiaries will soon see a sudden rise in monthly checks for the first time in 40 years.

Daryl Dagit, a local financial advisor from Savant Wealth Management, said the increase is the largest beneficiaries have seen in a long time.

“We’re going to see a 5.9% increase in Social Security this year, or an average person with maybe $2,000 worth of social security benefit, that means about $118 increase per month,” said Dagit.

Dagit said the increase in benefits comes from a steep rise in inflation over the last 12 months, reducing the buying power of consumers.

“When these things happen, it’s not a cure-all, but when you think about it’s the largest increase in 40 years, that’s a significant change,” said AARP Illinois State Director Bob Gallo.

In a statement from Illinois Representative Cheri Bustos, she said, “Last week’s announcement from the Social Security Administration means Illinois seniors will be getting an additional $92 in their checks each month. The increase is welcome news because it means folks on fixed incomes will be able to more easily afford everyday expenses like groceries, gas, and prescription medications.”

The $92 to $118 cost of living adjustment changes will be noticed when they hit in 2022.

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