(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).
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