SSA announced Cost of Living Adjustment will increase

PIERRE, S.D.(WNAX)- The Social Security Administration announced this week that the Cost of Living Adjustment will increase monthly benefits by 5.9% next year.

Erik Gaikowski, state director of AARP – South Dakota, says its needed to help people on Social Security keep up with rising costs.

Gaikowski says too many senior citizens depend heavily on Social Security.

Gaikowski says Social Security also has an impact on the state’s economy.

The increase could be around one hundred dollars a month based on the average Social Security payment.