Retirees will have to wait a few more days for official word on the Social Security cost of living adjustments for the upcoming year,
but data from the Federal Reserve Bank of Cleveland indicates that they may expect an average benefit increase of $140 per month beginning in January.
That would be the largest yearly increase in more than 40 years, at 8.7%.The average monthly retirement payment, according to the Social Security Administration, is $1,627.
Until the official September inflation numbers are released later this week, we won't be able to say for sure.
These figures will be used by the Social Security Administration to determine the precise yearly COLA.
The consumer price indexes for the months of July, August, and September are compared to the figures for the same months a year ago to determine Social Security's cost of living adjustment.