Credit : Google Image
Credit : Google Image
Credit : Google Image
Social Security benefits are set to rise by 8.7% next year – the fourth-biggest increase since automatic inflation adjustments were introduced in 1975.
Credit : Google Image
Credit : Google Image
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.
Credit : Google Image
Credit : Google Image
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.
Credit : Google Image
Credit : Google Image
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.
Credit : Google Image
Credit : Google Image
That index largely reflects the broad index that the Labor Department releases each month.
Credit : Google Image
Credit : Google Image
The index rose to 8.5% in September, the Labor Department announced Thursday.