The monthly benefits for Social Security recipients will be going up next year, which is good news for senior citizens.

Ana Pastrana, who is retired, welcomed the news that benefits will go up 8.7% starting in January.

"You know, that's a great help. Food is going up, my medication is going up, rent is also going up," she says.

It would be the biggest boost in over four decades - raising recipients' monthly payments by $146 to about an average of $1,827.

"I have to take the bus to do shopping, so that would also impact on my transportation. That would help also," says Pastrana.

While many feel like this increase will bring relief come January, others aren't too sure - especially with inflation being just around the same mark.

"It'll have an impact, but not so much," says John Wieders, of Yonkers.

Inflation remains still high at 8.2%.

"There's always that area where later on they could close that gap and you'll be back to that anyway," he says.

Others fear that the increase could push them above the threshold for other benefits.