Social Security Gives a 5.8% Monthly Increase

For the typical retiree, their Social Security check is going to go up $63 a month. This is the largest raise in a quarter of a century. However, it is likely to look puny to those who have been watching Wall Street plunge, taking with it their life savings in 401k's, etc. But we are not looking down on it. We will be very happy to receive a bigger raise with everything going up so high - gas, groceries, etc.

In l982, there was a 7.4 percent increase and I can remember our brother-in-law who was 10 years older talking about the big raise he got. That was the last one until now. Last year the average increase was $24, and the year before it was even smaller, so this is quite a bit more. When you are living only on Social Security, you are very happy to get the raise. And they also said they would not raise the amount taken out for Medicare this year either so that is great too.