KETTERING — Rhonda Zink is trying to hold off diving into her Social Security benefits right now, though she is eligible for early, because she knows those that have no other retirement savings would be in big trouble without a bigger monthly Social Security check.
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“The cost-of-living increase, if they didn’t get that, they’d be in a deeper hole,” the Kettering resident told News Center 7′s Mike Campbell.
The government said the 8.7 percent increase for Social Security and Supplemental Security Income (SSI) benefits is the largest COLA for Social Security recipients in 40 years. The Social Security increase, which begins in January 2023, works out to $150 more per month for the more than 65 million beneficiaries, according to ssa.gov. Increased payments to more than 7 million SSI beneficiaries begin Dec. 30.
A lot of people said the bigger monthly check is a good thing, since inflation is also at a 40-year high, the latest report putting the number at 8.2 percent.
“It is not that its not good, but every time Social Security goes up, then your Medicaid goes up too,” said Jim Boehmer, of Centerville.
There are many financial puzzles retirees have to solve, he said, and more money means the puzzle becomes more complicated.
“Well, Social Security was never meant to be your entire retirement. It was supposed to be a supplement, still is supposed to be a supplement,” he said.
Those living on retirement income, just like everyone else, are looking to save a dollar anywhere they can.
Said Zink: “Just anyway you can find, frequent buyer programs, people are cutting coupons more than before to try to save money here and there.”
The monthly increase will help seniors keep pace with higher food costs and heating bills, which are expected to increase this winter, Campbell said, noting the increase is something most said they are thankful for and happy to see.