US social security recipients to get 8.7% raise, most since 1981

Retirees and other beneficiaries will get an 8.7% cost-of-living (COLA) adjustment starting in January, the U.S. Social Security Administration, which administers the benefit program, said in a statement. That is the biggest hike since 1981, when benefits rose 11.2%, according to the agency's website.

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