Social Security benefits increasing this month due to higher cost of living

(CNN)– Senior citizens will now be seeing an increase to their social security benefits.

The Social Security Administration announced earlier this fall that recipients will receive an annual cost-of-living adjustment of 3.2% beginning this month.

That comes out to an average of more than $50 per month.

This is the third year in a row for a bump in payments as a result of inflation.

However, it is a much smaller increase compared to the past two years.