The Social Security Administration says benefits for roughly 50 million individuals will go up 5.8 percent next year, the largest increase in more than a quarter century.
The cost-of-living boost, scheduled to start in January, will provide an additional $63 per month for the average retiree.
The increase is the largest since a 7.4 percent jump in 1982, and it more than doubles the 2.3 percent rise that retirees got in their monthly checks in January of this year.
The typical retiree’s monthly check will grow to $1,153 from $1,090. And that increase won't be eaten up by higher Medicare premiums -- which will stay at the same rate for all retirees
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