If you’re retired or just about to retire, next year’s Social Security checks are likely to see one of the biggest bumps on record as a result of surging consumer prices. The higher payments will be welcome news for retirees, who have seen their household finances squeezed so far this year as a result of rocketing inflation and turmoil in the financial markets. The consumer-price index is up an annual 8.6% through May, way ahead of the 5.9% annual inflation adjustment handed out to Social Security beneficiaries in January.
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