Social Security recipients will receive small increase in payments

1 year 1 month 3 weeks ago Wednesday, October 19 2016 Oct 19, 2016 Wednesday, October 19, 2016 2:59:00 PM CDT October 19, 2016 in News
By: Laura Barczewski, KOMU 8 Reporter
loading

COLUMBIA - Monthly Social Security benefits for more than 65 million Americans will increase 0.3 percent next year, according to the Social Security Administration.

The increase averages about $5, making the estimated average monthly social security payment for retired workers about $1, 360 instead of $1,355.

In a news release, the Social Security Administration said, "The Social Security Act ties the annual cost-of-living adjustment (COLA) to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics."

Paul Johnson, a retired commercial insurance agent, said he has been receiving payments for about 20 years and it has helped him to live comfortably, but he knows not everyone does.

“It can be a problem when people haven’t had the facilities to save or be able to save, especially widowed ladies who only get about $700 a month. That doesn’t go very far if you pay any kind of rent and have any other expenses. That can be really tough,” Johnson said.

He said Social Security is his main source of income, but he has a savings cushion in case of emergency.

“I’ve been frugal all my life and I saved money for quite awhile.” Johnson said.

Central Bank of Boone County Financial Advisor Nick Kenny said saving money as early as possible is the key to living more comfortably later on.

“Plan as early as you can. It doesn’t matter if you’re 21 or 61, the more you can put away and the earlier you can put it away, the better off you will be in retirement not having to rely on other sources of income,” Kenny said.

He said one thing people do if they did not have the ability to save early on is to retire from one job and work part-time somewhere else.

“One of the biggest things this last generation has started doing is finding different employment. So working part-time at a different job and retiring from another, doing something else they might prefer,” Kenny said.

Johnson said moving into the retirement community The Terrace helped him out immensely.

“We pay a monthly fee here and by doing that we don’t have many other expenses which makes it pretty nice,” Johnson said.

More News

Grid
List
OLATHE, Kan (AP) — A third man has been convicted in the killing of a suburban Kansas City gun... More >>
4 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 8:46:29 AM CST December 14, 2017 in News
JEFFERSON CITY - The Missouri Department of Health and Senior Services said it concluded a three-month long investigation into a... More >>
5 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 7:54:30 AM CST December 14, 2017 in News
JEFFERSON CITY - Mid-Missouri could be gaining its second, fully-accredited Montessori school. Tonight Woodland Montessori will put forward its... More >>
6 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 6:53:00 AM CST December 14, 2017 in News
UPDATE: The Missouri State Highway Patrol has confirmed they have arrested 36-year-old Audrey Griffith in Audrain County in connection with... More >>
6 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 6:49:00 AM CST December 14, 2017 in News
COLUMBIA - On Wednesday evening, Columbia Police Officers were dispatched to the 2300 block of Carpenter Drive in reference to... More >>
6 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 6:20:46 AM CST December 14, 2017 in News
COLUMBIA - Columbia Police Officers responded to the 1500 block of Vandiver Drive in reference to a reported home invasion... More >>
7 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 5:28:42 AM CST December 14, 2017 in News
Update: Columbia Police Officers have made an arrest in regards to Wednesday morning's incident in the 1500 block of Fir... More >>
8 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 4:50:00 AM CST December 14, 2017 in News
JEFFERSON CITY (AP) — The director of the Missouri Veterans Commission has resigned amid complaints about care at the St.... More >>
14 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 10:37:00 PM CST December 13, 2017 in News
SALINE COUNTY - Former Columbia Police officer Rob Sanders will head back to the courtroom in May 2018 as he... More >>
15 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 10:03:00 PM CST December 13, 2017 in News
The St. Louis Cardinals have acquired outfielder Marcell Ozuna from the Miami Marlins. The deal is pending a physical. ... More >>
15 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 9:41:00 PM CST December 13, 2017 in Sports
COLUMBIA - Today the Federal Communications Commission will vote on a plan to repeal net neutrality and librarians worry this... More >>
16 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 8:44:00 PM CST December 13, 2017 in Continuous News
AUDRAIN COUNTY - The man who was found on Audrain Road 913 Tuesday next to a crashed car died of... More >>
16 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 8:32:00 PM CST December 13, 2017 in News
MOBERLY - Missouri law enforcement is impeded by a number of issues in cases involving child sexual abuse. Alleged... More >>
16 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 8:20:00 PM CST December 13, 2017 in Target 8
COLUMBIA - The Columbia Chamber of Commerce hosted the ninth and final public hearing by the 21st Century Missouri Transportation... More >>
17 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 7:12:00 PM CST December 13, 2017 in News
COLUMBIA - The Federal Communications Commission vote to repeal net neutrality is fast approaching. The vote to remove regulations that... More >>
17 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 7:12:00 PM CST December 13, 2017 in News
JEFFERSON CITY - The Justice Reinvestment Task Force took a big step Wednesday when it comes to addressing mental health,... More >>
18 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 6:53:00 PM CST December 13, 2017 in News
COLUMBIA - As Columbia Regional Airport plans to expand, it got a push from Mayor Brian Treece. Treece called... More >>
18 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 6:37:00 PM CST December 13, 2017 in News
COLUMBIA - Missouri is among the worst states nationwide at preventing its young people from smoking and using tobacco, according... More >>
18 hours ago Wednesday, December 13 2017 Dec 13, 2017 Wednesday, December 13, 2017 6:15:00 PM CST December 13, 2017 in News
Columbia, MO
Broken Clouds 33°
1pm 35°
2pm 36°
3pm 36°
4pm 37°

Select a station to view its upcoming schedule:

Coming Up Next

12:30p
Inside Edition
1:00p
Days of Our Lives
2:00p
The Dr. Oz Show
12:00p
Jerry Springer
1:00p
Maury
2:00p
Maury

Tonight's Schedule

6:30p
Football Night in Indianapolis
7:20p
Thursday Night Football
7:00p
iHeartRadio Jingle Ball 2017
8:30p
Whose Line Is It Anyway?
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld