Toolsview all


Social Security boost won’t offset stock loss

 
By The Associated Press    Comment on this article Leave a comment
Published: October 17, 2008

WASHINGTON — Social Security checks are going up $63 a month for the typical retiree — the largest increase in more than a quarter century but likely to seem puny to the millions who have been watching in horror as Wall Street lays waste to their retirement nest eggs.

Multimedia

Videoview all videos

Explaining the raise thumbnail

Explaining the raise

Oct 17Larry Jones of the Social Security adminstration explains...

Social Security Raise thumbnail

Social Security Raise

Oct 16Noal May and Stefanie Grantello share their feelings on...

Article Gallery: Social Security boost won’t offset stock loss

More Info

Earnings max
In some unwelcome news, the government announced Thursday that the maximum amount of earnings subject to the Social Security tax will increase next year to $106,800, from $102,000 this year.

Related content

Links

NewsOK Related Articles

  • Oklahoma seniors secure a raise
    10/17/2008 MUSTANG — It was lunchtime at the Mustang Senior Center and lively games of bingo, dominoes and bridge were under way. Many of the regulars had not yet...

Every little bit helps, but the boost is coming after a year when people living on fixed incomes have been pounded by surging energy prices and higher food costs — and lately have been seen their lifetime savings shrivel along with the stock market.

The yearly adjustment in Social Security checks is linked to inflation figures, but advocacy groups for seniors say it’s far short of what the typical retiree needs to keep up with rising living costs.

The Senior Citizens League said it did a study that indicated people 65 and over have lost 51 percent of their buying power since 2000, with the price of home heating oil and gasoline more than doubling since the beginning of the decade and food staples showing big increases.

The typical retiree’s monthly check will go from $1,090 to $1,153.

The upcoming help for the retirees should help the faltering economy as well, assuming they spend much or all of the additional money.

Toolsview all



Related Topics: Business, Financial Markets



Leave a Comment

Thank you for joining our conversation on NewsOK.com. We encourage your discussion but ask that you stay within the bounds of our commenting and posting policy. Please help by flagging comments that violate these guidelines. Posts that contain obscene or vulgar language will be immediately flagged and not posted.

If you prefer your thoughts to appear in The Oklahoman, we encourage you to submit a letter to the editor.

Would you like to leave a comment?

Log in or sign up (it's free).

comments powered by Disqus

Ads by Yahoo!

Low Cost Bail Bondsmen
Get Fast, Cheap Bail - Search here for a local bail bondsman.
yellowpages.com
Woman is 51 But Looks 25
Mom publishes simple wrinkle secret that has angered doctors...
ConsumerLifestyles.org

News Photo Galleriesview all