Social Security recipients will receive a cost of living adjustment of 3.6% starting in January, their first raise in three years.
Because inflation has been very low in recent years, beneficiaries have not seen an increase since 2009, when they received a 5.8% boost.
However, most seniors are not likely to receive the full amount of the increase because an expected hike in Medicare premiums could eat up part of the raise. The change in Medicare premiums, which could increase by a double-digit rate, is expected to be announced next month.
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