Seniors could see Social Security boost of $1,729 next year
CBSN
The nearly 70 million older Americans and others who receive Social Security benefits could get an average bump of $1,729 next year, which for most would amount to the biggest increase ever.
Given current inflation trends, the Social Security Administration is likely to boost monthly payments by 8.7%, which would mark the highest increase since 1981, according to the Senior Citizens League, a nonpartisan group that advocates for older Americans. The only years when COLA increases have exceeded 8.7% were in 1979, 1980 and 1981, a period when the U.S. was also experiencing a bout of high inflation.
Many seniors have suffered financially as this year's cost adjustment, 5.9%, has lagged the hottest inflation in 40 years. While the Senior Citizens League expects a boost of 8.7% for next year, their current forecast is almost a full percentage point lower than their earlier prediction that seniors would see a 9.6% bump.
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