Social Security Benefits to Increase 8.7% in 2023

Social Security checks will be 8.7% bigger in 2023, the largest cost-of-living adjustment to benefits in four decades, the Social Security Administration said Thursday.

The extra funds will provide relief for many of the roughly 70 million Social Security recipients whose budgets have been stretched thin by high inflation and whose nest eggs were walloped by plunging stock and bond markets. The average monthly Social Security check for retired workers will rise to $1,814 in January, up from $1,669 this year.

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