SOCIAL Security beneficiaries are about to get a boost.
The Social Security Administration said the increase could benefit 72.5 million Americans.
Some could see this new amount reflected in payments as soon as December 31.
People receiving Supplemental Security Income, or SSI, will see the new payment amount reflected on New Year's Eve.
Most, however, will get their new payments in January.
Social Security beneficiaries will see a boosted check in the new year, too. For those who reach the full retirement age of 67, the monthly check is worth $4,043. If you wait until the maximum age to collect Social Security, which is age 70, the check is worth $5,108 a month.
See the Social Security Administration's payment calendar for more details.
In the wake of the pandemic, years of inflation have hit consumers hard.
That includes retirees.
Luckily, COLA was created during the inflation of the 1970s to help older people adjust.
This year's COLA of 2.5% is the lowest since 2020.
That reflects a cooling of inflation in the past two years.
In the recent economic cycle, the highest COLA came after 2022.
That was around the time inflation peaked, and the COLA therefore reached 8.7%.
It was the highest COLA since 1981.
Inflation caused significant upheaval worldwide as some consumers struggle to afford even the basics.
Luckily, the Federal Reserve has lowered interest rates as the rate of inflation has dropped.
But inflation forced many cost-cutting measures, and it's still ticking upwards.
It's also pushed people into smaller homes thanks to a nationwide housing shortage.