Social Security benefits to increase for thousands of Wisconsinites next year
MADISON, Wis. (WMTV) - Social Security recipients will soon see more cash each month. That’s after a 5.9 percent increase was announced. This is the largest cost-of-living increase in nearly 40 years.
“It’s an indicator of how prices have increased,” said Karen Holden, Professor emerita for consumer science and public affairs at UW-Madison’s School of Human Ecology.
The adjustment for 2021 was only 1.3 percent. For 2022, the increase means average monthly payments will go up $92 to an estimated $1,657.
“It’s a relatively large increase and if people have budgets that don’t increase that much then their real income will go up,” said Holden.
While payments have increased, for many, so have expenses and there’s concern that rising prices could offset the boost.
“A lot of people are still struggling in our age range with the high cost of prescription drugs and health care,” said AARP Wisconsin Rep Helen Marks-Dicks.
Dicks says the other concern for older Wisconsinites is many don’t have money for retirement.
There’s also concern about Medicare Premiums increasing next year, which are typically deducted from Social Security checks.
“We’re holding our breath to see what Medicare says about the rise in part B and D premiums but this was a great start and if we can keep the rest of those things under control...people’s lives would be a lot easier,” said Dicks.
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