The 66 million people who receive social security checks should not expect to see a big increase in their payment.
Social security checks are seeing an increase of only 0.3%, which is $3.92 a year. This is the smallest increase yet.
Some retirees get bigger checks depending on their history, but many see smaller ones. A retired veterinary technician named Millicent Graves makes only $1,033 a month from social security and her increase will be $3.10. She said the increase doesn’t help her as her expenses have gone up five or ten times that amount.
This is not the first time for retirees. In 2010 and 2011, they did not see an increase in their benefits at all. This is because the dropped price for gas and oil are keeping inflation costs at a standstill.