The increase is designed to help your benefits keep up with inflation.
How much extra does that mean in your wallet? Reporter Daisy Maxey of Barron’s says that equates to $96.40 more each month for someone receiving the average Social Security benefit of about $1,555 per month.
The Social Security Administration won’t release the final numbers until later this fall, but the expected boost will help Social Security recipients across the country keep up with recent inflation. Last year, the Cost of Living Adjustment was a stingy 1.3%.