(NEXSTAR) – Millions of America’s older adults will see a bump in the amount they receive in monthly Social Security benefits, starting in January.
The increase in payments is the largest in decades at 8.7% and is designed to help offset the soaring inflation that would otherwise limit recipients’ purchasing power.
The bump in benefits is aptly titled a cost-of-living adjustment, or COLA. On average, Social Security benefits will increase in January by more than $140 per month, according to the Social Security Administration (SSA).
Rain Now in the Forecast for Later This Week
Second Floor Lobby Renovation Begins Today at Branson City Hall
Cold Conditions Challenge Firefighters Battling Blaze
NWS Warns of Fire Danger