When Social Security checks with massive COLA increase will arrive
The first Social Security checks and bank deposits featuring the largest cost-of-living-adjustment in 40 years will start arriving in January. The average retiree benefit is going up by $146 per month, to $1,827; while the average disability benefit is increasing by $119 per month, to $1,483. Recipients will also benefit from a 3% decrease in how much they'll owe each month on standard Medicare Part B premiums. Those are declining to $164.90 a month. Medicare Part B covers outpatient medical care, like regular visits to the doctor. The 8.7% COLA increase is in response to the decades-high inflation that began to plague the U.S. economy this year. Social Security recipients will have benefited from timing, as well. The COLA measurement was officially taken in July, August and September, when 12-month inflation hit 9%, 8.6% and 8.5%, respectively. On Tuesday, the Bureau of Labor Statistics reported inflation for wage-earners fell to its lowest level in more than a year, landing at ...