In January, Social Security benefits are rising by 2.3 percent. The average check will receive an extra $24 per month. This is not much considering that food prices, medical prices, and general costs of living are significantly increasing each year. This increase is the smallest since a 2.1 percent rise in 2004. Last year it was 3.3 percent and the year before that it was 4.1 percent. Nearly 50 million Americans get social security checks and another 4 million get Supplemental Security Income payments.
The average check for a retired couple currently is $1,722. Individuals get $623. Disabled workers get $981 currently.
The government says that millions of people will have to pay higher taxes next year because the maximum amount of Social Security earnings subject to the payroll tax will rise from $97,500 to $102,000. Baby boomers, people born between 1946 and 1964, are going to be receiving Social Security payments soon. The first baby boomer will turn 62 next year. They estimate that between 2017 and 2041 Social Security will have completely depleted its reserves by paying out more in payments than it collects in payroll taxes and then each person will have to be completely responsible for their own financial well being without the help of the government for the rest of their life.
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