Social Security Benefits Are Heading for the Biggest Increase in 40 Years

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Social Security recipients are on track to receive the highest cost-of-living increase in more than four decades next year.Social Security checks get an inflation adjustment every year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.

In determining the cost of living adjustment, or COLA, the Social Security Administration compares the average figures for July, August and September to the index’s average level over the same period a year earlier.

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