Retirees who have been fretting over the state of the stock market and their nest egg have a bit of good news to look forward to – social security benefits are rising by 5.8 percent in 2009.
According to the Social Security Administration, this increase – the largest since 1982 – will mean an average of $63 extra in a retiree’s monthly check.
This year’s jump is a marked departure from the cost of living increases of the past decade, which are tied to inflation. However, recent rises in costs such as food and fuel seem to have pushed the decision.
However, some suggest that despite the increase many seniors will still struggle to maintain their standard of living – or even make ends meet.
"Right now many senior citizens are feeling depressed because things seem out of control," California State economics professor Sung Won Sohn told the Associated Press.
If anything, many people are feeling uncertain about their financial future. The Congressional Budget Office recently estimated that Americans lost a total of $2 trillion from their retirement accounts over the past 15 months, due to fluctuations in the stock market.