The anticipated increase of Social Security in the next year could have significant impacts on families and workers. The Social Security Administration (SSA) has announced a 2.5% raise in Social Security.
“Social Security is beneficial to have,” senior Ava Richmann said. “It gives people who can’t work, or retired people, the money they need to live their life.”
Most young adults aren’t aware of the importance of Social Security, It is funded by taxes paid by people in the workforce and are used to pay for benefits to the recipient.
“I think Social Security going up in general is a good thing and I think inflation definitely encouraged it to go up,” personal finance teacher, Landon Strayhorn said. “I think those retiring will be able to afford more and it’ll benefit everyone.”