Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years
Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday.
The spike will boost retirees’ monthly payments by $146 to an estimated average of $1,827 for 2023.
The hefty increase, which follows a 5.9% adjustment for this year, is aimed at helping Social Security’s roughly 70 million recipients contend with the high inflation that’s been plaguing the US since last year.
“Will the COLA be enough to keep up with inflation? It’s too early to say,” said...