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“No application is needed for the 20 percent increase,” Mrs. Crumpton said. “The Social Security Administration will refigure payments for everyone getting social security benefits and pay the increased benefits in the October checks.”
Social security pays monthly cash benefits to 28 million people — retirement and disability benefits to eligible workers and their families: survivors benefits to the families of deceased workers who were insured under social security.
“Under the new law,” she said, “the average social security payment to retired workers will increase from $134 to $162 a month. The average payment to a disabled worker with a wife and children will increase from $295 to $354 a month. The average payment to a widowed mother with two young children will increase from $322 to $386 a month.” more to come.
“THE NEW law will also tie future social security benefit increases to the cost of living,” Mrs. Crumpton said.
“If the cost of living increases three or more percent in a year,” she said, “monthly social security payments will also increase, starting the following January — unless a general benefit increase was enacted or became effective during the prior year.”
The cost of living will be measured by the U.S. Department of Labor’s monthly Consumer Price In
96.2%