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Everyone loves a little extra cash in their pockets. But for people on fixed incomes, even small amounts of additional income can go a long way. That's why the latest announcement from the Department of Social Security is such good news for more than 71 million Americans. Starting in January, benefits for retirees will increase by an average of $50 per month.
What does that mean for millions of Americans? Will this increase really make a difference?
Yes.
Here are just a few things you can buy with $50 more a month:
Groceries: With the cost of eggs dropping drastically and inflation falling from 9% to 3% over the last 2 years, extra income can go a lot further at the grocery store and keep pantries fuller longer.
Medication: Cover the cost of prescription medications or over-the-counter health supplies.
Dinner Out: Grab a meal with friends at your favorite restaurant or enjoy a night in where you don't have to cook with a take away order.
Transportation: Use the additional income for public transportation, gas, or maintenance of a vehicle if needed for medical appointments or other essential trips. And with gas prices set to start falling from their 2023 peak, extra cash could go toward an unplanned road trip.
Utilities: Contribute to monthly utility bills, such as electricity, water, gas, and phone service.
Health Insurance: Put it towards supplemental health insurance premiums or Medicare Part B premiums.
Dental and Vision Care: Consider dental insurance or vision insurance premiums, or budget for regular check-ups.
Internet and Cable: Pay for internet service or basic cable TV.
Entertainment: Set aside a small amount for leisure activities like streaming services, books, or outings with friends.
Savings: Contribute to savings or an emergency fund to cover unexpected expenses.
Charitable Donations: Sometimes giving is the best way to receive. A portion of extra income can go to support organizations doing good work and helping others.
The increase in social security benefits is more than just a little extra cash. For millions of Americans it represents the opportunity for increased financial stability and improved quality of life.