Social Security recipients should know today just how much their benefits will be increasing in the new year.

The Social Security Administration is expected to announce its cost of living adjustment, or COLA, on Thursday. The COLA is based on the Consumer Price Index showing the year-over-year change in prices for goods and services for July, August and September. The CPI data is expected to be released today followed by the COLA announcement.

This year’s increase is expected to be around 8.7%, according to projections from the nonprofit Senior Citizens League. If that holds, it would be the largest one-time increase since 1981 when benefits rose 11.2% and a large jump from the 5.9% increase that took effect this year.

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An 8.7% increase translates to an additional $144 in monthly benefits for the average recipient.

The increase will go into effect with December benefits on checks dated January 2023.

Social Security benefits are issued on a rollout basis based on beneficiary’s birth date. People born from the first day through the 10th day of the month receive benefits on the second Wednesday of the month; beneficiaries with birthdays between the 11th and the 20th are paid on the third Wednesday. Retirees born between the 21st and the last day of the month are paid on the fourth Wednesday.

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Some 66 million people receive benefit checks through Social Security, including 9 million disabled workers and their dependents and 6 million survivor benefits to widows, widowers and children.