Social Security recipients to see biggest COLA increase since 1981
Social Security benefits are set to rise by 8.7% in 2023, the biggest bump in four decades as stubbornly high inflation erodes the buying power of retired Americans, the Social Security Administration said Thursday.
The increase, known as a cost-of-living adjustment (COLA), is the biggest since 1981, when recipients saw an 11.2% jump. It will increase the average monthly benefit by about $140.
More than 64 million Americans collecting Social Security will receive the bigger payments beginning in January, the administration said.
The higher payments come in response to the...