Feds to announce huge jump in Social Security payments

Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes.

On Thursday, the U.S. government is set to announce how big a percentage increase Social Security beneficiaries will see in monthly payments this upcoming year. It’s virtually certain to be the largest in four decades. It’s all part of an annual ritual where Washington adjusts Social Security benefits to keep up with inflation, or at least with one narrow measure of it.

Plenty of controversy accompanies the move, known as a cost-of-living adjustment or COLA. Critics say the data the government

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