The 75 million Americans who receive Social Security benefits will see a 2.8% increase in payments next year, the Social Security Administration said Friday.

The cost-of-living adjustment is just below the inflation rate of 3% announced by the Bureau of Labor Statistics , also on Friday.

The adjustment is lower than the average over the past decade, but higher than last year’s. The average adjustment for the past 10 years is 3.1%, including a 2.5% increase last year. On average, beneficiaries’ monthly payments will rise by about $56, the SSA said.

Beneficiaries include people who receive Old-Age, Survivors and Disability Insurance, as well as Supplemental Security Income.

“Social Security is a promise kept, and the annual cost-of-living adjustment is one way we are working to mak

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