Millions of Social Security recipients are going to get a boost in benefits starting next year. This is the biggest cost of living adjustment in more than 40 years.
More than a million Arizonans are on Social Security. And this historic increase of 8.7% translates to a big boost in monthly payments.
Dana Kennedy is the state director of AARP Arizona.
"So the average Social Security check is $1,547. So that would mean that they're going to get an increase of $134 a month. If they receive $1,000 Social Security check, that means they're going to get an increase of $87 a month," Kennedy said.
Kennedy said there’s more good news for older adults: The cost of Medicare B premiums is going down by roughly $5. Medicare Part B covers most doctor’s visits.
For the average Social Security recipient, this is going to be, you know, just shy of $140 extra — every single month.
Nationally, about 70 million people — including older adults, people with disabilities and children — receive Social Security benefits.
