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