If you’re on Social Security, you can expect your check to increase by 8.7% in January. That’s the biggest cost-of-living adjustment in four decades.
The Social Security Administration made the announcement Oct. 13, the same day new inflation numbers were released.
Here’s what that will look like for the average Social Security recipient:
Retired workers will get an extra $147 a month on average, bringing the average monthly benefit to $1,827. Disabled workers will get an extra $119 a month on average, bringing the average monthly benefit to $1,483. The maximum Supplemental Security Income (SSI) benefit for individuals will increase by $73 a month, bringing the maximum monthly benefit to $914.
An 8.7% cost-of-living adjustment (COLA) sounds pretty generous, considering that Social Security benefits increased by 5.9% in 2022 — the largest boost in about 40 years.
But as prices for everything from groceries to housing skyrocket,
