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Economics

Social Security Will Get Biggest Cost of Living Boost Since 1981

  • The increase adds $140 to monthly benefits, on average
  • Cost-of-living adjustment to compensate for high inflation
Updated on

The roughly 65 million retirees who collect Social Security benefits in the US will get a 8.7% increase next year, the largest bump since 1981, to compensate for the highest inflation bout in four decades.

The cost-of-living adjustment, known as COLA, will apply to Social Security and Supplemental Security income payments starting in January, the Social Security Administration said Thursday. It will increase the average benefit by about $140 per month.