Social Security checks grow a bit as stocks shrink
By The Associated Press Sunday, October 19, 2008WASHINGTON - Social Security checks are going up $63 a month for the typical retiree — the largest increase in more than a quarter century.
The yearly adjustment in Social Security checks is linked to government inflation figures, but advocacy groups for seniors say it’s far short of what the typical retiree needs to keep up with rising living costs.
The 5.8 percent increase announced Thursday by the Social Security Administration will go to the 50 million Americans receiving benefits. It is the biggest jump since the 7.4 percent of 1982.
The $63 typical monthly increase compares to the $24 advance that retirees saw in this year’s benefit checks, an increase of just 2.3 percent and the smallest in four years.
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