Social Security recipients will see rise in monthly payments next year

Data: Social Security Administration; Chart: Neil Irwin/AxiosSocial Security recipients will see the largest rise in their monthly payments in four years in January, with a 3.6% cost-of-living adjustment.Driving the news: The Social Security Administration announced the 2027 COLA adjustment for 76 million recipients of retirement and disability benefits, which by law is calculated based on the Consumer Price Index for the July-through-September quarter.That will increase the average retiree's benefits by $900 a year, or $75 a month.The agency also said that the cutoff for Social Security taxes