INDIANAPOLIS. Ind-- The average check for a Social Security beneficiary will increase by a paltry 0.3%.
That means the average retiree will see just a $3.92 increase each month.
Social Security beneficiaries amount to 66 million people. Of those include retirees, widows, orphans and people with disabilities.
"That’s what I’m living on, I don't have anything else," Ronald Fruin said.
CBS4 caught up with Fruin after leaving a Social Security Administration building. He told CBS4 that he was on his way to borrow money to help pay for bills that his Social Security check doesn’t cover.
"They might as well keep it, it doesn't keep up with cost of living at all. We need to catch up here we've been doing this for years after years we've been minimum," Fruin said.
Beneficiary checks can be higher than the new average depending upon their earning history and how old they were when they began collecting benefits. Still, even that larger benefit , for someone who is receiving the maximum amount will grow by just $7.92 next year.
In 2015, there was no cost of living increase, the third time that has happened this decade.
Some members of a younger generation say they doubt Social Security will even be available for them by the time they need it.
"By the time I’m old enough to get social security it’s looking doubtful I’ll get it, and I’ve been paying into it my whole life,” Robert Stewart said.