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Retirees and seniors relying on Social Security may see a financial boost next year. According to a recent report by the Senior Citizens League, the cost of living adjustment (COLA) is expected to rise approximately 2.7%. This increase could translate to an average monthly benefit of about $54, aimed at helping recipients cope with inflation and rising daily expenses.
The COLA is determined based on data such as the consumer price index (CPI), which measures inflation. The official figure will be announced next month, providing clarity on the exact dollar amount seniors can expect to receive. This adjustment underscores ongoing efforts to ensure that Social Security benefits keep pace with the increasing cost of living for older Americans.