By Megan Henney
Social Security recipients are on track to receive the biggest cost-of-living adjustment (COLA) in four decades as stubbornly high inflation rapidly diminishes the buying power of retired Americans.
The Senior Citizens League, a nonpartisan group focusing on issues relating to older Americans, estimated the adjustment could be 8.7%, based on August inflation data, which showed that consumer prices soared 8.5% from the previous year, near a multi-decade high.
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