Cost of living adjustment to increase amount in social security checks

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Cost of living adjustment to increase amount in social security checks

By WKTV News

Story Created: Oct 19, 2011 at 4:58 PM EDT

Story Updated: Oct 19, 2011 at 5:03 PM EDT

(WKTV) - An estimated 55 million Americans are about to get a modest increase in their social security retirement checks.

That comes courtesy of a 3.6 percent cost-of-living adjustment - the first in the last two years.

On average, that means seniors will be getting a little more than $500 a year more than they receive now.

"One in four seniors counts on social security for pretty much all of their income," said David Certner of AARP. "So, for them, it's absolutely critical and every dollar counts."

"Good news," said Marie Weekly, a social security recipient. "When is this supposed to happen?"

She laughed.

"Right away, I hope."

Beginning in January, average benefits will go up. As the so-called Congressional Super Committee looks for ways to slash the budget, it is not clear whether a social security increase might be reconsidered.

"Today's announcement is good news for thousands of Upstate seniors," said Congressman Richard Hanna. "Social Security beneficiaries can expect higher monthly benefits starting in January. These extra dollars help to ease the financial hardship many Upstate retirees face as a result of the increasing costs of everyday goods and services."