CHICOPEE, Mass. (WWLP) – The government has announced a cost of living increase for social security, 70 million Americans will see a bigger social security check in January.
That’s after new numbers show we are paying even higher prices for food, housing, and medical care. The Social Security Administration says a cost-of-living adjustment (COLA) of 8.7-percent will be added next year.
One mom says her family is already struggling to get by. She’s trying to get a second job and doesn’t know how she’ll handle holiday finances.
“I am stressed. As of right now, we’ll see what happens at Christmas. As of right now, if things keep going they are, there won’t be much of a Christmas here,” said Cheryl Holden from Delware.
Inflation is rising more than expected as the holiday season approaches, which is a big reason for the increase.