CHA-CHING

Social Security Recipients to Get Their Biggest Cash Boost in Decades

The 8.7 percent increase reflects rising inflation—but some seniors said it won’t make a dent.

Anyone who benefits from monthly Social Security checks will see an 8.7 percent increase from next year as a cost-of-living adjustment—the largest boost in more than 40 years. The Social Security Administration said on Thursday that in January, beneficiaries, who are mostly retired seniors, will have about an extra $140 to line their pockets each month to counter rising inflation. According to a fact sheet from the administration, the average retired worker will get $1,827 in benefits a month after the increase takes effect, up from $1,681. “Social Security is the largest source of retirement income for most Americans and provides nearly all income for one in four seniors,” AARP CEO Jo Ann Jenkins said in a statement to The Hill, adding that the benefits were “more crucial than ever as high inflation remains a problem for older Americans.” Some seniors told the Associated Press that the increase would hardly make a dent thanks to rising grocery, gas and home maintenance costs.