The Social Security Administration reports that Social Security and Supplemental Security Income benefits for more than 55 million Americans will increase 5.8% in 2009. This is the largest increase since 1982.
The Star Tribune reports that the typical retiree’s monthly check will go from $1,090 to $1,153. The average couple, if both receive Social Security benefits, will see their monthly check go up by $103 a month, to $1,876.
The standard Supplemental Security Income payment for an individual will go from $956 per month to $1,011, and the average monthly check for a disabled worker will go from $1,006 to $1,064.
Unfortunately, as the baby boomers retire in record numbers, the Social Security trust fund will run out by 2041.