16. October 2008 21:31
Today the government announced retired seniors will receive a raise in pay starting January, 2009. It is the largest increase in Social Security benefits for seniors in more than 2 decades. On average, seniors will receive an additional $63 per month with the 5.8 percent increase in this senior retirement benefit. Seniors can begin receiving Social Security benefit payments at age 62 or wait until age 65 for an increased benefit amount.
The typical American senior who has activated their social security benefits receives about $1090.00 per month. This amount barely covers living expenses, which can cause added stress when medical conditions require caregiving services, medications or other treaments not covered by Medicare insurance.
About 50 million seniors receive Social Security benefits and with the increases in food and gas costs we have experienced in the past year, living on a fixed income has become more challenging.
You may find out your expected monthly social security check payment, based on your current age and income, on the government's website: www.ssa.govsenior