October 13, 2022

Inflation Pushes Social Security COLA to 8.7% in 2023, Highest Increase in Four Decades

Social Security checks will be 8.7 percent bigger in 2023, the largest cost-of-living adjustment to benefits in four decades, the Social Security Administration announced Thursday and confirmed by the Wall Street Journal. The average monthly Social Security check for retired workers will rise to $1,814 in January, up from $1,669 this year. For the government, this supersize cost-of-living adjustment, or COLA, means paying out more money to retirees, whose ranks are swelling as baby boomers retire. According to an AARP analysis of recent government data, just over 40 percent of Americans age 65 and older rely on Social Security for 50 percent or more of their income. About 20 percent of recipients in that age group depend on the benefits for 90 percent or more of their income, the analysis further found.

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