Social Security checks to see 3.6% cost-of-living increase next year
by Stephen Dinan · The Washington TimesPersistent inflation will drive up seniors’ Social Security checks next year, with the government announcing a 3.6% cost-of-living increase.
That works out to an extra $75 a month for the average retirement benefit.
The program covers 72 million people, including both the retirement fund and the Supplemental Security Income fund.
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“Social Security will implement this cost-of-living adjustment for 76 million Americans, giving them greater financial stability,” said Frank J. Bisignano, Social Security’s commissioner.
By law, the increase is tied to inflation — specifically the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. The Bureau of Labor Statistics said Wednesday the Consumer Price Index rose 3.7% for the year ending in September, up from the 3.4% annual reading in August.
Last year’s increase was 2.8%. The rise this year reflects ongoing inflation.
The increase is the highest since an 8.7% rise in 2022, when inflation was surging under President Biden.
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Stephen Dinan
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