Seniors are not excited about a social security increase
TULSA, Okla. (KTUL) —
Tulsa social security recipients aren't celebrating their first big increase in benefits in several years because most of them aren't expecting to see much of the money.
Nationally, the average increase will be about $27 per person.
Karen Richards is disappointed because she'll be getting $19, and she says her food stamp support will drop by the exact same amount. She doesn't feel that's she's getting out what she put in over the years.
Richards said, "I was an RN for 10-years, and I made really good money. So, it's not benefitting me a lot. It's keeping me in a house and not homeless, but it's not that beneficial."
Many seniors told us, with the cost of living, the increase will vanish.
Dan Witham is an Investment Advisor and Branch Manager for LPL Financial in Tulsa.
He said the change in Medicare rates will absorb most of the increase for many people.
Witham added that the average inflation rate is over two percent, but senior citizens face an even higher rate.
Witham said, "It's much closer to six percent because they spend a large portion of their income on health care. So, at two percent, they're probably in the hole. They're probably behind the curve for most people."
Witham said it's getting tougher and tougher for those who depend on social security. He says if you still have time before retirement, you don't want to depend on the government.
Evan Barr is a retired veteran who said he isn't thrilled with Uncle Sam or his new increase.
Barr said, "They're gonna get it back anyway before we get a chance to use it anyway. It really doesn't matter."
So, with a two percent increase in social security benefits, a lot of people may actually be worse off than when they started.
In 2018, the average social security check will be $1,404 a month.