The Social Security Administration announced Wednesday that some 70 million beneficiaries will see a 5.9 percent increase in their benefits checks beginning in late December and January.
The cost-of-living increase will apply to 64 million Social Security beneficiaries and 8 million Supplemental Security Income beneficiaries; some Americans receive both benefits. The increase is the biggest since 1982 as the Social Security benefit increase has averaged about 1.7 percent over the last 10 years.
The rise comes as inflation has spiked this year due to COVID-19 pandemic related price increases.
The SSA sets its cost-of-living adjustment on average annual increases in the consumer price index for urban wage earners and clerical workers (CPI-W) from July through September.
The announcement on Wednesday came as the Labor Department said the CPI-W rose 5.9 percent annually in September following a 5.8 percent jump in August.
However, experts say that millions of beneficiaries will see much less than a 6 percent increase because Medicare Part B premiums are deducted from beneficiaries checks and are tied to seniors' income, the Washington Post reported.
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