‘The lifeboat is leaking’: Many seniors still at risk of ‘financial drowning’ even as Social Security could get biggest boost in 40 years

The average Social Security benefit is currently $1,656, and for many seniors, this monthly check is their only source of income. Next year’s Social Security COLA could hit 8.7% — the highest boost since 1981. The official COLA announcement will likely arrive around Oct. 13, after the September inflation data is released. Advocacy group says current formula for ensuring Social Security keeps up with inflation is flawed. But advocates say flaws in the system are leaving seniors behind.

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