Starting in January, Social Security recipients will receive a 1.7% cost-of-living adjustment, according to the Social Security Administration. For the average recipient, this means an increase in monthly payments by approximately $22 from $1,306 to $1,328.
For people who rely heavily on Social Security, the raise is good news. In general, benefit checks stay consistent with the cost of living. As of now, inflation has been low, meaning that the cost of most goods and services has not gone up.