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Social Security beneficiaries will get a 2.8% cost-of-living increase next year, the Social Security Administration said, after a shutdown-delayed inflation report. The COLA, taking effect in January, applies to about 75 million people and will lift the average monthly payment by roughly $56; the taxable wage cap will rise to $184,500. Yet a projected 11.6% jump in Medicare Part B premiums to $206.50 could absorb nearly half of that gain for the average recipient, and more for those with smaller benefits. With 80% of older Americans financially vulnerable, advocates warn it is getting harder to age in America.

Prepared by Christopher Adams and reviewed by editorial team.