High inflation leads to the biggest raise in Social Security in more than 40 years

Kevin Soyt, Robert Hamilton and Dave Bayer participate in a water aerobics class in the John Knox Village Continuing Care Retirement Community pool on Oct. 15, 2021 in Pompano Beach, Fla. The Social Security Administration announced the largest cost-of-living adjustment in decades: 8.7%. (Joe Raedle/Getty Images)

Tulsa retiree Lynn Christophersen relies almost entirely on Social Security to pay her bills, whether it's covering the rising price of gasoline or another increase in the cost of electricity.

"I quit using my dryer today," she said. "I'm back to hanging up my clothes in my apartment. And I've heard rumors that it's going up again, and it was like, 'Good grief!'"