GULFPORT, Fla. — The biggest cost-of-living adjustment in nearly four decades will be coming to Bay Area seniors living on Social Security.
What You Need To Know
- Local seniors relieved to hear of Social Security news
- Some seniors say they have had to sell their car, make changes to how they like to eat, and give up recreational activities
- It will be Social Security's biggest cost-of-living adjustment in four decades
- RELATED: Social Security cost-of-living adjustment largest in decades as inflation jumps
The 5.9% boost in benefits will begin in 2022 and provide an additional $92 a month for the average retiree, the Social Security Administration estimates.
Overall, local seniors spending their day at the Gulfport Senior Center Wednesday say they were excited to hear about the increase.
“That’s one week of groceries at Publix,” said Heidi Kirtland.
“We definitely need it,” added Frank Calamari. “With the price of gas going up by a dollar compared to last year, groceries, you know, everything is just going up.”
Those living on a fixed income have had to make a number of sacrifices. Some seniors say they have had to sell their car, make changes to how they like to eat, and give up recreational activities.
“You can’t go to all the places you do want to go, the venues,” Calamari said. “I miss the Straz.”
Some are concerned that the extra cash will go straight to Medicare, should that increase as well.
“If it doesn’t go up then it’ll be a great thing,” Anita Carson said.
For baby boomers, this 5.9% increase will be the biggest they've seen.