Social Security Checks Could Increase More Than 10 Percent Due to Inflation

Social Security recipients caould see a significant increase in benefits next year due to skyrocketing inflation.

The Senior Citizens League (SCL) reported that Social Security payments could see a cost of living adjustment (COLA) increase of 10.5% next year. That means about $175 would be added to the current average monthly retiree benefit of $1,668.

The Labor Department announced on Wednesday that the consumer price index increased 1.3% last month after advancing 1.0% in May — the largest annual increase in inflation in 40 1/2 years.