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1:43Now PlayingSocial Security to increase as Americans struggle with inflation | USA TODAY
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1:43Now PlayingSocial Security will increase to match the cost-of-living increase due to inflation as Americans struggle to make ends meet.
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Social Security benefits are set to rise by 8.7% next year – the fourth-biggest increase since automatic inflation adjustments were introduced in 1975.
This cost-of-living adjustment, or COLA, will boost the average monthly checks retirees receive in January by $146 to $1,827, the Social Security Administration said Thursday. That builds on last year’s 5.9% COLA increase, which was the largest bump since 1982. Before then, COLA increased by an average of 1.7% annually from 2010 to 2020.
The government bases its COLA adjustment on average annual increases in the consumer price index for urban wage earners and clerical workers from July through September. That index largely reflects the broad index that the Labor Department releases each month. The index rose to 8.5% in September, the Labor Department announced Thursday.
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