(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).
College of the Ozarks to host “From Missouri to Mussoorie: An Ozark Artist’s Photographic Journey in India” Art Exhibit
Veterans Homecoming Week Begins Wednesday
Carroll County Authorities Searching For Man Who Fled Traffic Stop
Election Day for Some, Others Later This Month