Pay Raise For Social Security Recipients
South Dakotan's who collect a Social Security check each month will be seeing an increase beginning next year. The cost of living adjustment (COLA) may be larger than past bumps. However, don't start planning that world cruise just yet.
The average South Dakota recipient collects about $1,300 a month from Social Security which means with the increase the typical senior is looking at about a $40 monthly boost or $468 per year. Those who receive less than $600 dollars in Social Security income won't see any net increase in their benefits.
Mary Johnson, Social Security and Medicare policy analyst with the Senior Citizens League said this is the largest COLA increase since 2012.
More than 62 million people collect Social Security in the U.S., including nearly 129,000 in South Dakota.
One advantage for those in South Dakota collecting Social Security along with 36 other states is there are no state income taxes on Social Security earnings.