Social Security recipients will soon receive the largest increase in their monthly benefits that they’ve seen in seven years.

The U.S. Social Security Administration announced Thursday that beneficiaries will receive a 2.8 percent cost-of-living adjustment, or COLA, next year.

As a result, a worker who was receiving $1,422 per month in Social Security benefits prior to the COLA would receive $1,461 after the COLA takes effect, according to Social Security Administration estimates. A couple receiving $2,381 before the COLA would receive $2,448 after.

The COLA will take effect in January for more than 62 million people who receive Social Security benefits. It will take effect on Dec. 31 for more than 8 million people who receive Supplemental Security Income (SSI) benefits — income supplements for people who are aged, blind or disabled and who have little to no income.

The 2.8 percent increase for 2018 is the largest since 2012, when beneficiaries received a 3.6 percent bump. The COLAs for the past decade were:

The Medicare Part B premiums for next year have not been announced yet. Estimates peg those premiums at $135.50 in 2019 for those with incomes below $85,000.