There will a 2.8 percent increase in Social Security recipients’ checks next year, with the Social Security Administration announcing the cost-of-living adjustment yesterday (October 11th), the biggest since 2012, when there was a 3.6 percent hike. The increase was approved as inflation has moved higher after a stretch of being at a low rate. The average increase will be $39, boosting the estimated average monthly Social Security payment next year to $1,461 a month.