Durbin: Over 2 Million Illinois Social Security Recipients Will See Relief in 2012
[WASHINGTON, D.C.] – U.S. Senator Dick Durbin (D-IL) today commended the announcement by the Social Security Administration that a 3.6% cost-of-living adjustment (COLA) will be issued in 2012. For over two million Illinois residents who receive Social Security, their average benefit will grow by $516. Social Security beneficiaries haven’t received a COLA increase since 2009.
“Seniors have been hit particularly hard during this economic downturn and social security has been the key to keeping many of them out of poverty,” said Durbin. “The average senior receives a modest amount from Social Security, just $14,000 a year. Yet for nearly 70% of families, a monthly Social Security payment makes up the majority of their income in retirement. Increasing that payment by 3.6% won’t change their way of life, but it will help over two million Illinois seniors afford their daily necessities.”
Social Security is vital to the economic security of over 54 millions seniors in America. For 26% of retirees, Social Security is their only source of income. Social Security kept 20.3 million people out of poverty in 2010. Still today, about 10% of seniors live below the poverty line, but without Social Security, more than half would.
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