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Social Security beneficiaries will soon receive a whopping 8.7 percent increase in monthly checks — welcome relief for retirees fighting the ravages of inflation. This is the largest cost-of-living adjustment (COLA) since 1981 and will add $146 to the average retired Social Security recipient’s monthly benefit, pushing it from about $1,681 to $1,827, says the Social Security Administration. The agency began adjusting Social Security benefits for inflation in 1975 to ensure that the buying power of monthly checks did not evaporate as prices ine...
