Social Security Increase Might Not Be Enough to Cover Rising Costs: Survey

A Social Security card sits alongside checks from the U.S. Treasury in Washington on Oct. 14, 2021. Kevin Dietsch/Getty Images

A recent survey found most of the older generations think that the cost-of-living adjustments (COLA) made to their Social Security benefits won’t keep pace with inflation and rising costs.

At the start of this year, Social Security beneficiaries received an 8.7 percent increase in their monthly checks, the largest one since an 11.2 percent increase in 1981. The 8.7 percent jump boosted the average monthly benefit by about $146.