This Tuesday, Oct. 12, 2021, photo shows a Social Security card in Tigard, Ore. Social Security checks to increase by 5.9%, as inflation fuels largest COLA for retirees in nearly 40 years (AP Photo/Jenny Kane)
By FATIMA HUSSEIN Associated Press
WASHINGTON (AP) — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023. That’s a historic increase and welcome news for American retirees and others — but it’s tempered by the fact that it’s fueled by record high inflation that’s raised the cost of everyday living. that means the average recipient will receive more than $140 a month extra beginning in January. The cost-of living adjustment is meant to help cover the higher cost of food, fuel and other goods and services. How well it does that depends on inflation next year.