The Social Security Administration announced an 8.7% cost-of-living adjustment (COLA) Thursday, the largest in four decades. The boost comes as stubbornly high inflation squeezes budgets around the country, often posing an extra burden for older Americans.

The adjustments are based on the Consumer Price Index, a monthly government report that measures inflation by tracking how much Americans pay for food, gas and other costs.

That’s a historic increase and welcome news for American retirees and others — but it’s tempered by the fact that it’s fueled by record-high inflation that’s raised the cost of everyday living.

The cost-of living adjustment means the average recipient will receive more than $140 extra a month beginning in January, according to estimates released Thursday by the Social Security Administration.

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