“It goes pretty fast,” retired Cliff Ramsey said of rising living costs. After a sales career at a major steelmaker, Ramsey lives near Hilton Head Island, South Carolina. At home, he takes care of his wife, Judy, who has developed Alzheimer’s disease for nearly 60 years. Since the coronavirus pandemic, Ramsey also said he occasionally mentioned wages paid to the caregivers who spell him out and increased prices for Judy’s personal care products.
COLA affects about one in five Americans’ households. This includes social security recipients, disabled veterans, and federal retirees, for a total of about 70 million people. For the baby boomers who have begun to retire within the last 15 years, this will be the largest increase they have seen.
Among them is Kitty Ruderman of Queens, New York City. He has retired from his career as an executive assistant and has been collecting social security for about 10 years. “We are waiting to hear what the increase will be every year, and every year it wasn’t that important,” she said. “Thank you for this year. It makes a difference.”
Ruderman says he’s taking time to shop for groceries to take advantage of the mid-week senior discount, but the price increase was still “extreme.” She says she doesn’t think she can afford the medicine recommended by her doctor.
AARP CEO Jo Ann Jenkins described the increase in government payments as “important for social security beneficiaries and their families to keep up with rising costs.”
Social security checks are greatly boosted as inflation rises | Government. & Politics
Source link Social security checks are greatly boosted as inflation rises | Government. & Politics