It’s one of the smallest cost of living increases since 1975.
WASHINGTON, D.C., USA — Social security recipients will see a 1.3% increase in their benefits in 2021. It’s one of the smallest cost of living increases since 1975.
While these kind of bumps are always bad news for seniors; Consumer Investigator Danielle Serino explains that the Coronavirus pandemic has made it even harder for them to stretch their checks.
Dana Showalter and his wife Barb are used to budgeting, both are retired, on fixed incomes, and depending on a cost of living increase in their Social Security benefits to make ends meet.
But 1.3%? Well, that’s not even close to covering expenses.
And when he heard of the increase, Dana said, “I don’t know whether to laugh or to cry. Because seniors have become the most neglected minority there is.”
Together, they get about $2,000 a month, which they