Why Social Security checks are about to get a lot bigger
NEW YORK (AP) — Tens of millions of older Americans are getting the biggest raise of their lifetimes. The U.S. says Social Security beneficiaries will see an 8.7% increase in monthly payments this upcoming year. That's the largest increase in four decades. The boost is meant to allow beneficiaries to keep up with inflation, and how it's generated stirs plenty of controversy. Critics say the data used to set the increase doesn’t reflect what older Americans are actually spending. It's also a one-size-fits-all increase, which means beneficiaries get the same raise regardless of where they live or how big a nest egg they have.