Social Security payments to rise 2.8%, a tick below inflation rate

The 75 million Americans who receive Social Security benefits will see a 2.8% increase in payments next year, the Social Security Administration said Friday. 

The cost-of-living adjustment is just below the inflation rate of 3% announced by the Bureau of Labor Statistics, also on Friday. 

The adjustment is lower than the average over the past decade, but higher than last year’s. The average adjustment for the past 10 years is 3.1%, including a 2.5%…