Veterans, retirees get 8.7% Social Security cost-of-living boost

Veterans and retirees will see an 8.7% cost-of-living increase in their Social Security benefits starting in December, the largest increase in 42 years, federal officials announced on Thursday.

The big boost reflects the rising cost of inflation throughout the last year. In a statement, acting Social Security Administration Commissioner Kilolo Kijakazi said the move will give beneficiaries “more peace of mind and breathing room.”

The move will directly affect about 65 million Americans receiving Social Security benefits. Administration officials said the average beneficiary will see an increase of about $140 in their monthly payouts.

The announcement also impacts veterans and military retirees, whose benefits increases are tied to the Social Security figure. Last month, Congress approved legislation linking veterans payouts to the Social Security mark, a non-controversial but annual requirement for lawmakers. President Joe Biden signed the measure into law this week.