It could help you fight inflation.
A report reveals that the average cost of living in Michigan is 10 percent lesser than in other cities and counties in the United States. Housing is up to 25 percent lower, while utilities are relatively high.
On the other hand, people have to spend nearly 4 percent less on the basic necessities of life, such as clothing, shelter, and food.
As far as healthcare services are concerned, people spend 3 percent lesser in Michigan than in any other part of the country. It means a person earning $55,000 to $70,000 a year can live an ideal life.
However, the rate of unemployment is higher in Michigan than in any other city or county. This is why many people cannot beat inflation.
According to data shared by the Michigan Department of Technology, Management and Budget (DTMB), Michigan had more than 250,000 jobs some time ago but remained below the pre-coronavirus level.
Social security benefits for millions of Michigan residents
Now the good news is that social security benefits are set to be higher in 2023. It means more than two million people will now get a minimum of $140 per month. This makes up to $1700 a year.
Monthly benefits will rise in the following ways:
- Retired workers will now get $1827 instead of $1681.
- Retired couples will receive $2972 rather than $2734.
- Disabled workers with partners and one or more kids will be given $2616 instead of $2407.
- Single mothers with two kids will get $3520 rather than $3238.
- All disabled workers will receive $1483 instead of $1364.
Let's not forget that there are four types of social security benefits: Supplemental Security Income, disability, retirement, and survivors.