A rare bit of good financial news: Cost of living adjustment for social security recipients

It was announced last week that there would be a substantial cost of living adjustment (COLA) for social security recipients. Next year's COLA of 8.7% will be the biggest jump in over 40 years. It is a rare spot of good news in the current economic climate as other figures showed wages failing to keep pace with inflation, meaning most workers have seen a real-time decrease wages.

Jill Schlesinger is a CBS News business analyst and host of "Jill On Money" and joins Here & Now's Robin Young for more.