Social Security Payments To Rise Nearly 6 Percent

January 9, 2009

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January 9, 2009

The Social Security Administration has a stimulus package of its own for recipients. The financial publication Forbes.com notes that overall Social Security payments will go up $38 billion this year. That's because the government ties Social Security payments to inflation, which climbed last year when oil prices spiked. The result: Payments will rise nearly 6 percent this year.

ARI SHAPIRO, host:

And our last word in business today is senior stimulus. President-elect Obama is making the case for his economic stimulus plan, and the Social Security Administration has a stimulus package of its own for seniors. The financial publication Forbes.com notes that overall, Social Security payments will go up $38 billion this year. That's because the government ties Social Security payments to inflation. Inflation went up last year when oil prices spiked, and as a result, Social Security payments will rise nearly six percent this year. For a couple receiving $1,700 a month, that's about a hundred extra dollars each month. And that's the business news on Morning Edition from NPR News.

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