If you draw Social Security, you will likely be seeing a boost in your monthly check. The COLA – or cost-of-living-adjustment is going up 5.9% to try to keep up with inflation.
According to estimates released Wednesday by the Social Security Administration, with the increase, the estimated average Social Security payment for a retired worker will be $1,657 a month next year. A typical couple’s benefits would rise by $154 to $2,753 per month.
The Social Security Administration says that the COLA affects about 70 million Americans, including retired social security recipients, disabled veterans and federal retirees.
The COLA increase is the largest in 39 years.
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