The 45.2 million Americans getting Social Security checks will see them grow by 3.5 percent next year, the biggest cost-of-living increase in almost a decade. That’s because inflation has picked up speed, almost entirely a reflection of surging energy prices. The benefit increase for retirees will average $29 a month. The increases, which will begin showing up in benefit payments for January, were announced by Social Security based on inflation figures released Wednesday by the Labor Department. The cost-of-living announcement comes just weeks before Americans elect a new president Nov. 7. The 3.5 percent increase was the largest since a 3.7 percent rise in 1992. It means the average monthly check for retirees will rise to $845 next year, up from $816 this year. That compares with an increase of 2.4 percent for 2000, which translated into an average of $19 a month more for retirees.
