BEAVERCREEK, Ohio (WDTN) — Seniors and retirees could soon get a much needed boost.

The Senior Citizens League believes the Cost of Living Adjustment for people receiving social security benefits will be 8.7 percent for the upcoming year. This would be one of the largest increases received by most recipients alive today.

Jimmie Edwards lives in Beavercreek.

“Your heating bill. I’ve always had high heating bills in the wintertime, so I would say it would help on heating bills,” Edwards said.

Barbara Merritts also relies on Social Security benefits. She said this potential bump in benefits would help take away some of her worries.

“That way I could just live good then, like everyone else would,” Merritts said.

According to Paula Smith, the Director of Communications for the Council on Aging, nine out of 10 people aged 65 and older rely on social security benefits. This cost of living adjustment could put an extra $144 dollars in their pockets.

“It’s actually a major source of income for them. So if they’re struggling with costs associated with housing, with food security, with medications, with utility bills, having an extra increase in that Social Security check can go a long way to meeting some of those daily needs that they might be struggling with,” Smith explained.

Smith said the Council on Aging receives a lot of calls from people in need of help with things like utility bills and food. She also said this bump can help with unexpected costs, like medical bills.

“The average out-of-pocket medical costs for someone enrolled in one of our programs is about $164. So if they were to get this cost of living increase next year, that’s going to go a long way toward helping them meet one of their basic outstanding needs,” Smith.

The official COLA will be announced in October. If you or someone you know needs assistance, click here to learn more about the Council on Aging.