Sherri Myers, an 82-year-old retiree from Pensacola City, Florida, is now hoping to get an hourly job at Walmart to help make ends meet. 'I would like to eat good but I can't. When I'm at the grocery store, I just walk past the vegetables because they are too expensive. I have to be very selective about what I eat - even McDonald's is expensive,' she said.
Social Security Commissioner Martin O'Malley acknowledged the struggles many recipients face: 'I've heard the stories... it is a struggle for seniors,' noting the rising costs of essential needs like prescription drugs.
The 2.5% cost-of-living adjustment commencing in January will average an increase of over $50 for the 72.5 million Social Security benefit recipients, according to the Social Security Administration.
Commissioner O'Malley mentioned that while the upcoming increase offers some relief, it reflects moderating inflation, with previous years seeing adjustments of 3.2% and 8.7% due to higher inflation rates.
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