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Inflation could give Social Security recipients a record $1,700 increase next year

Social Security Administration slated to release final COLA in October

US Government, Public domain, via Wikimedia Commons

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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