Millions of Americans receiving Social Security benefits will see an increase in their monthly payments beginning in January 2027.
The Social Security Administration announced Wednesday that benefits will increase by 3.6 percent as part of the annual cost-of-living adjustment.
The increase is expected to provide retirees with an average of approximately $75 more per month, or about $900 annually.
Approximately 72 million Americans will benefit from the adjustment, which is designed to help Social Security payments keep pace with inflation.
The 3.6 percent increase marks the largest annual Social Security cost-of-living adjustment since 2023.
The higher payments will begin in January.