It looks like folks on Social Security will get their first cost-of-living increase since 2009 come January. That's according to the American Institute for Economic Research (AIER).

Considering the increase in the consumer price index--the peg for changes in Social Security benefits--the researchers estimate the increase will be in the 3.5% to 3.7% range.

We should know that actual number on Wednesday, Oct. 19, or soon after. That's when the latest CPI number comes out. The hike is welcome news for anyone living on a fixed income.

Follow Chris Farrell at @cfarrellecon