Social Security Pay Raise

56 million Americans who collect social security will see more money.
1:43 | 10/18/11

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Transcript for Social Security Pay Raise
And now we have some news today for the 56 million Americans -- collect Social Security. A -- so we wanted to know how much more money and how so here's ABC's John -- on that. It's not exactly a windfall -- in this economy every bit counts. America's 56 million seniors will see on average. An extra 38 dollars and each monthly Social Security checks starting in January it's very bad I have -- -- up two years ago. According to a new government report out today Social Security is the only thing keeping many newly retired Americans out of poverty. The Great Recession has had a profound impact on older adults. Many have lost employment and wealth and have little time relative to their younger counterparts to make up the difference before they retire. What seniors have received no increase in their Social Security checks over the past two years. Increases are tied to inflation with little or no inflation during the recession there's been no increase in no Social Security checks. When inflation starting to creep back up -- -- on food and gasoline seniors will now get some extra money. Retirees currently receive an average of 1082. Dollars a month almost thirteen thousand dollars a year. The upcoming increase will mean an average of 456. Extra dollars over the coming year a little extra pay the bills. What it only goes so far not quite enough to -- one tank of gas a month. The coming increase is welcome news to seniors but even at just 38 dollars a month it's a big cost to the government. About 26 billion dollars over the next twelve months. 46 billion dollars -- at a time that the government is trying to cut back.

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