Social Security participants are likely to get an ever-so-slightly increase this year (+1.3%) according to the numbers looking at the index that cost of living adjustments (COLA) are based on. Of the 68 million people on Social Security and Disability, the average payment will go up by $19.70 to $1,537. “It makes people have to take more out of savings,†Mary Johnson, a policy analyst for the Senior Citizen League, said. That’s due to the fact that many people believe the index doesn’t adequately account for inflation. “Other people who don’t have savings will go into debt. Many people may go into poverty,†she said. Still, the cost of living in Monterey is so high this is not going to make much of a dent for local seniors.
