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Low Social Security Benefit Increase Leaves Many Recipients Struggling

October 18, 2012

Even though millions of Americans who receive Social Security benefits will see an increase in payments in the coming year, many believe it will still be hard to live on the amount they’re allotted. WRAL News reports the increase will be 1.7 percent, one of the lowest increases in more than thirty years.

The meager increase means the roughly 56 million Americans who collect Social Security benefits will see an average of an extra $21 per month. This means the average income for a recipient will be $1,240 per month, but many live well below this amount.

A 73-year-old Raleigh Social Security Disability benefits recipient says she is facing some of the greatest financial burdens of her life while trying to live on the $920 per month she receives since retiring as a mental health worker. She explained that with gas and food prices skyrocketing and no signs of slowing, her budget often leaves her penniless.

Only five times in the 37-year history of the automatic cost of living increases has the increase for Social Security been below two percent.

The North Carolina Personal Injury Lawyers with HensonFuerst understand how confusing and frustrating the processes of the Social Security system can be. That is why the firm is here to help by answering any questions you may have in regards to a claim you are preparing to file or that has been denied.

 

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