The Social Security Administration has announced its largest increase in benefits in more than 40 years. On Thursday, officials said retirees and people who receive disability benefits will see an 8.7% boost to their monthly checks beginning next year. The increase comes after year-over-year inflation topped 8% over the same period. Meanwhile, new housing data shows U.S. rents increased by 7.2% over the last year, while an index of U.S. food prices grew by more than 11%.