In an era burdened by pay freezes across countless industries, the only sure way to get a raise is to retire. Social Security has snapped out of its own rate freeze and is handing out a 3.6 percent benefits increase next year.
The AP reports the cost-of-living adjustment is connected to a recent bump in inflation. Eight million people who receive Supplemental Security Income will also taste the COLA. The lack of increases in the past two years was due to the near-absence of inflation.
To the average Social Security collector, who pulls in slightly more than $1,000 a month from the program, the COLA means they’ll see an extra $39 a month.