In this Dec. 21, 2020, file photo people watch as the sun sets from the Presidio in San Francisco. The Social Security Administration adjusts its benefits payments each year to reflect changes in the cost of living. The new year will bring a 3.2% increase, much smaller than last year’s 8.7% raise. Even if you’re decades away from retirement, the annual cost of living adjustment can help you predict your potential future payments so you can plan accordingly. (AP Photo/Jeff Chiu, File)
