Payments of more than $2,000 are coming for millions of Florida residents because Floridians are already facing one of the worst inflation, even the cost of living, and financial crises.
This new announcement will relieve some difficulties in surviving this rising inflation.
This stimulus payment could be very beneficial to Florida residents because they pay double for their day-to-day expenses compared to other states.
The Consumer Price Index (CPI) in Florida increased by 10.1% compared to the previous year.
Here are the details
The Social Security Administration now announced that residents would see an 8.7% average increase in the monthly benefit of the Cost-of-Living Adjustment (COLA), so millions of aged couples both get more than $2,000 per month.
In an approximate population of 22.08 million, the highest percentage of people ages 65 and over live in Florida, which means almost 21.1% who are senior-aged would be eligible for benefits under this program.
The recent National Poll on Healthy Aging survey found that older people in this state were hit particularly hard by inflation compared to other Americans.