Social Security recipients will get a 8.7% raise next year, thanks to the biggest annual adjustment to benefits in more than 40 years. Higher-income beneficiaries should consider a strategic approach to use this additional cash, financial advisors say.
The 8.7% cost-of-living adjustment (COLA) will add an extra $144.10 to the average retiree benefit of $1,656 a month, and most older adults will need every penny to cope with the soaring cost of essentials like food, rent and fuel.
Source: https://www.barrons.com/articles/social-security-cola-increase-how-to-spend-51665696224?siteid=yhoof2&yptr=yahoo