The Latest Breaking News from Social Security

At 61, Linda Fett arrived at the Union Rescue Mission on skid row this year without any savings. After her divorce in 1992, the long-term caregiver used what little money she had to pay bills, including car payments and other expenses, in order to live independently.

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Social Security is known as the third rail of politics. President Joe Biden has pounced on all who dare even think about curtailing the retirement program. In fact, this week cash-strapped retirees will get the biggest cost-of-living increase in 40 years, an 8.7% boost to protect them from inflation.

In a year when inflation has made Americans’ eyes pop when they fill up their gas or walk down grocery store aisles, many Social Security recipients worry whether the biggest cost-of-living increase in four decades will be enough to cover their needs

Social Security is set to boost the benefits it provides retirees by 8.7%, the biggest cost-of-living adjustment since 1981. It comes as sky-high inflation continues to eat into incomes and savings.

Tens of millions of older Americans will see a major increase in benefits this January when a new cost-of-living adjustment (or COLA) is added to Social Security payments

The Social Security Administration said the estimated average monthly Social Security benefit for all retired workers will be $1,827 starting in January.