Major help coming to those on Social Security next year

Those on the program can expect $140 or so more
Social Security card and money
Social Security card and money Photo credit Getty Images

A big-cost-of living increase is coming to help seniors and others receiving Social Security benefits keep pace with inflation.

The 8.7% increase takes effect in January.

It's the biggest annual hike since 1981, based on the inflation rate during the third quarter of this year.

MediConnect's Sean Horn reacted to the news on the Big K Morning Show.

“This is actually going to put about $140 or so in the checks of Social Security beneficiaries extra, and the reason why I say it’s extra, is because Medicare is actually going down in cost next year,” said Horn. “This is huge news.”

The Medicare Part B premiums are dropping 3 percent and the deductible will be slightly less than last year.

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Featured Image Photo Credit: Getty Images