Social Security benefits going up by 5.8 percent

[RTO]

Social Security benefits for 50 million people will be going up 5.8 percent next year, the largest increase in more than a quarter century.

WASHINGTON - Social Security benefits for 50 million people will go up 5.8 percent next year, the largest increase in more than a quarter century.

The increase, which will start in January, was announced Thursday by the Social Security Administration. It will mean an additional $63 per month for the average retiree.

It’s the largest increase since a 7.4 percent jump in 1982 and is more than double the 2.3 percent rise that retirees got in their monthly checks starting in January of this year.

Story Continues Here....

[Silverback]

Cool...now maybe it'll be empty before I hit 50!

[Jim]

Cool...now maybe it'll be empty before I hit 50!

Hell, Dan, I think they will have spent it all before I retire -- and I'm 64!

[coldsteal2]

On the possitive side it also means that Disabled Veterans
Benefits will have a larger increase

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PRESIDENT SIGNS COST OF LIVING INCREASE FOR VETS


President Signs Compensation Increase

President Bush has signed into law legislation providing a 5.8 percent cost-of-living increase in VA compensation benefits.

The measure increases compensation paid to veterans with service-connected disabilities, as well as dependency and indemnity compensation for survivors of deceased veterans. Last year’s cost of living adjustment was 2.3 percent.

The benefit increase, to take effect Dec. 1, is pegged to changes in the Consumer Price Index, a key measure of inflation, and is tied to the annual increase for Social Security recipients. The increase, which applies to about 2.8 million veterans and survivors, will first appear in January VA benefit checks.