Social Security payments to increase

Social Security payments to increase

Amarillo, TX - Social Security recipients will soon see a little extra cash in their monthly checks.

Starting on January 3rd Social Security payments will increase by 1.5%.

For the average retired worker, this comes to about $19 a month.

We spoke a Social Security recipient, Lloyd Carter, who says it could make a big difference to those already affected by recent cuts in their benefits.

"My next door neighbor is completely dependent on that as an income. So for her its really important. And with the food stamp cuts taking shape ... that will offset that to a certain extent".

Typically when Social Security payments increase so do Medicare premiums.

However, in 2014 Medicare part B premiums will stay the same.

Nationwide, nearly 58 million people receive Social Security.