UNDATED (WJON News) - It’s good news for over a million Minnesotans.

The Social Security Administration has announced an 8.7% boost in monthly benefits starting in January. The cost of living adjustment is the largest since 1981.

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A-A-R-P State Director Cathy McLeer says the extra money comes at a critical time.

This is the largest cost of living adjustment in Social Security benefits since 1981. Nearly 1,070,000, Minnesotans will have that extra $146 in their pocket starting in January. As you know, the cost of everything is going up - from gas to groceries to medications. This is going to provide some much-needed relief for older Minnesotans who have really been struggling with the high inflation.

The increase comes after news that Medicare Part B premiums will drop three percent this year. About 70 million Americans receive Social Security benefits.

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About Social Security in Minnesota:

  • Over 1 million individuals receive benefits
  • The average monthly benefit is $1600/month
  • For over 1/3 of Minnesota residents aged 65 and older, Social Security accounts for half their monthly income.
  • For over 14% of Minnesota residents aged 65 and older, Social Security accounts for 90% of their monthly income.

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