| Finance - Millions To Receive Social Security Boost |
| By : Ajit Hari Sahu | Previous | Next |
| Posted on : 27 Dec, 2005 | Total Views : 2584 |
The authorities announced that next year, social security checks will up rise an average of $39 monthly for almost 50 million Americans.This is the biggest boost in 15 years.
But not only security checks go up, but also energy bills and Medicare premium.
Last Friday, the Social Security Administration announced the 4.1 percent cost living modification, which is the biggest increase since a
5.4 percent in 1991. Last's year rise was 2.7 percent.
Also, the authorities announced that the average social security will increase in January from $963 to $1,002. The increase of cost living
is due to the rising energy prices. The inflation rate rose 1.2 percent in september, the biggest monthly increase in the last 25 years, caused by the devastating hurricanes of this year.
Starting January, almost one-fourth of the social security earnings will be consumed by a rise in Medicare premiums, which will grow by $10.30 monthly.
It is interesting what seniors across the country think about the social security check increases and other increases, such as gas and heating oil price rise. For example, Murray Levine, aged 86, Said that "it's something. It's going to pay for probably the telephone bill.". Talking about the social security check rise and the other increases, Grace Bryan, 75, who was waiting with her husband for a train at Union Station in Chicago told us "we've cut back. I think a lot on how we drive making our trips count."
The social security check rise is not the only one occurring this winter. The government approximates that natural gas bills will rise by 48 percent
this winter over last winter and the heating oil bills will rise by 32 percent. The major cause for the rise of the energy prices is the
closing of the Gulf Coast production generated by hurricanes Katrina and Rita.
"Everything that we buy has gone up so fast," said Dean Swafford, 92, a retired farmer in Rayville, Mo., who also thinks that the additional
social security money would go to paying his heating bills. "That extra money will be spent, that's for sure," , he added.
Written By : Ajit Hari Sahu
