Social Security benefits will increase by 5.9 percent with the Cost-of-Living adjustment announced Wednesday by the agency. Troy Broussard with AARP in Louisiana says it marks the largest increase in four decades.
“What this means is more money in the pockets of older Americans who rely on Social Security you know to pay rent, utilities, and prescription drug costs,” said Broussard.
The increase takes effect in January, with benefit payments to reflect a 5.9 percent hike in the current benefit being paid out to each recipient.
Broussard says the COLA increase in Social Security benefits is something that will be welcomed by those who solely rely on SSI payments and those who don’t.
“Social Security is their largest retirement income for 90 percent of one in four seniors and that’s even more prevalent for here in Louisiana,” said Broussard.
Broussard praises Social Security for realizing the need for such a significant increase in monthly benefits.
“I give it to the Social Security Administration for really listening and really taking the pulse of the country and saying this is the time to do it,” said Broussard.
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