Social Security Payments Update Coming This Week, and It Could Be Significant

Blank Social Security checks are run through a printer at the U.S. Treasury printing facility in Philadelphia, Pa., on Feb. 11, 2005. William Thomas Cain/Getty Images

The Social Security Administration is expected to announce its cost-of-living adjustment, or COLA, for Social Security recipients this week—and it could be the largest increase in decades.

Analysts with the Senior Citizens League say the COLA hike will be 8.7 percent to keep pace with year-over-year inflation. Last year, the Social Security Administration announced a 5.9 percent adjustment.