Millions of Social Security recipients will receive an 8.7% increase in their benefits in 2023. This is a historic increase and welcome news for American retirees and others – but it has been tempered by the fact that it is fueled by record-high inflation that has driven up the cost of everyday living. The cost-of-living adjustment means the average recipient will receive an extra $140 per month starting in January, according to estimates released Thursday by the Social Security Administration. The benefit increase will be coupled with a 3% decrease…
Read MoreSocial Security recipients to get biggest benefit boost in 40 years!
