Economy

Social Security Benefits Could See Highest Increase In 40 years

Recent inflation data suggests beneficiaries could see a raise of up to 8.9%.

Social Security Benefits Could See Highest Increase In 40 years
Ben Margot / AP
SMS

The Social Security Administration is responding to the highest inflation rates in 40 years with what's expected to be the biggest cost-of-living raise in decades.

Inflation Has Uneven Social Effects
Inflation Has Uneven Social Effects

Inflation Has Uneven Social Effects

High prices may cause some to pull back on purchases, but for others it can mean catastrophe.

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The estimated adjustment next year could be up to a nearly 9% increase, based on recent inflation data.

We'll know for sure where the cost of living raise lands when the Social Security Administration releases the final adjustment percentage in October.