Social Security payments set for big increase. What to know.

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes.  On Thursday, the U.S. government is set to announce what’s virtually certain to be the largest increase in Social Security benefits in 40 years. The boost is meant to allow beneficiaries to keep up with inflation, and how it’s generated stirs plenty of controversy. Critics say the data used to set the increase doesn’t reflect what older Americans are actually spending. It’s also a one-size-fits-all increase, which means beneficiaries get the same raise regardless of where they live or how big a nest egg they have.