About 70 million Americans will see a boost of about 8.7% in their Social Security checks starting as soon as Friday. The raise in benefits will go to both those receiving regular social security and supplemental security income benefits.
The hike in the cost-of-living adjustments is the highest since 1981, based on inflation. Average payouts will increase by more than $140 per month. An added benefit for recipients is that Medicare premiums are going down, while social security benefits go up.