Social Security beneficiaries will get a big 8.7% increase in 2023, the highest increase in 40 years.
Amid high inflation, the Social Security Administration announced the change will result in a benefit increase of more than $140 per month, on average, starting in January. The move will directly affect about 65 million Americans receiving Social Security benefits.
Whether that will be enough to counter higher grocery and fuel costs is unclear. Advocacy groups in recent months have pushed for more assistance for veterans and retirees dependent on the payouts as inflation has risen.
The last time the cost-of-living adjustment was higher was in 1981, when the increase was 11.2%.
Source: WDRB
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