There's a raise in store for the nation's nearly 50 (m) million Social Security recipients. The government says they'll get a four-point-one percent increase in their monthly checks next year. That's the biggest increase in more than a decade.
The cost-of-living adjustment was just two-point-seven percent for this year. It's based on how much prices, as measured by the Consumer Price Index, rose in the third quarter compared with the same period a year ago.
About one-fourth of the monthly cost-of-living increase will be eaten up by a rise in Medicare premiums. The government has said the monthly Medicare premium that goes to pay for doctor's visits and other services will increase by ten dollars, 30 cents a month starting next year.