According to early reports, those receiving Social Security benefits could possibly see the biggest cost-of-living increase in four decades next year.

The Senior Citizens League estimated next year’s Cost of Living Adjustment could be as high as 8.9%.  The Social Security change is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.   If that number actually holds steady, it’d be the biggest increase since 1981 when recipients saw a gain of 11.2% jump.

Last year, recipients received an average increase of 5.9%.  The adjustment meant an increase of about $92.00 per month for most retired workers, bringing their average benefit to $1,656 per month.

The Social Security Administration will release those final numbers sometime during October, with any increase beginning in 2023.

(AL.COM/www.al.com)