Social Security cost-of-living adjustment will be 8.7% in 2023, highest increase in 40 years

Amid grounds precocious inflation, Social Security beneficiaries volition get an 8.7% summation to their benefits successful 2023, the highest summation successful 40 years.

The Social Security Administration announced the alteration connected Thursday, which volition effect successful a payment summation of much than $140 much per period connected mean starting successful January.

The 8.7% bump to benefits tops the 5.9% summation beneficiaries saw successful 2022, which astatine the clip was the highest successful 4 decades.

The past clip a higher cost-of-living accommodation was announced was successful 1981, erstwhile the summation was 11.2%.

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