Recipients happy to see Social Security increase for 2018
INDIANAPOLIS (WISH) — More than 1 million people in Indiana will soon have more money in their pockets.
The Social Security Administration recently announced it’s increasing how much people take home every month in benefits. Some recipients say they need it most.
According to the Social Security Administration, the average monthly check for retired workers is $1,377. Starting in 2018, that will jump to $1,404. That works out to roughly $27 extra every month. That extra money means a lot to many Hoosiers.
Judith Dow watches every penny she spends. She survives on her monthly Social Security checks alone, and it’s hard.
“Housing is expensive, groceries are expensive. Medicare is real expensive, medical things. There’s not much left over,” she said.
According to the Social Security Administration, she’s one of more than 1.3 million Hoosiers getting monthly benefits.
“Federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when prices increase, making your cost of living go up. This means prices for goods and services, on average, are a little more expensive,” Doug Nguyen, regional communications director of the Social Security Administration’s Chicago region, said.
“The COLA (cost-of-living adjustment) helps to offset these costs. As a result, more than 66 million Americans, including beneficiaries in Indiana, will see a 2.0 percent increase in their Social Security and SSI (Supplemental Security Income) benefits in 2018.”
Dow said she’s just trying to make ends meet.
“Especially when I’ve worked all my life. Working two and three jobs, raising three daughters,” she said.
JoJo Wright used to depend on the fruits of her labor, too. Now, she survives on her monthly checks, too.
“It’s very important to me. It takes care of all my bills and everything I need,” Wright said. “If they give us a raise, it would be a beautiful thing.”
It’s on the way. Recently, the Social Security Administration announced a 2 percent increase in benefits starting in 2018. Based on the cost of living, it means roughly $27 more every month.
Twenty-seven dollars is better than no dollars,” Wright said.
“It would be nice. I’ll believe it when I see it,” Dow said. “I’m sure they’ll find something else to take out.”
Wright said $27 more a month would go a long way.
“I could pay one of the organization’s yearly fees, which I can’t do right now. Or it’d be a treat with my granddaughter,” Dow said.
The women are just hoping making ends meet can get a little easier.
About the long-term goal, the regional Social Security communications director said, “Social Security is committed to helping maintain the basic well-being and protection of the people we serve.
“We pay benefits to over 1.3 million Indiana residents including retirees, children, widows and widowers,” Nguyen said. “From birth to marriage and into retirement, we are there to provide support throughout life’s journey.”