Social Security benefits are on the rise

According to a recent press release, this January, 50 million Americans will see an increase in the amount of their Social Security benefits.  The Social Security Adminsitration recently announced that benefits will be raised by 5.8%, which will mean an additional $63 a month for the average retiree.

This represents the largest rise in benefits since 1982, when Americans saw a 7.4% increase.  It also represents an increase that is more than double of last January's 2.3% hike.   

Social Security benefit changes are determined by the Consumer Price Index increases from July through September from one year to the next. 

The larger checks for retirees may offer little help, as large increases in food costs and energy bills have been cause for concern.  As well, some retirees have seen their retirement savings be negatively affected by the recent turbulence within Wall Street.