Due to current high inflation rates, Social Security benefits will increase by 8.7% for 2023. The increase marks the largest annual increase in roughly four decades. This year’s increase tops last year’s 5.9% increase, which at the time was the largest increase in nearly 40 years. According to AARP, the so called “cost-of-living adjustment” will boost Social Security checks by about $145 per month on average. Indeed, the average monthly Social Security retiree benefit will increase to $1,827 in 2023, from $1,681 in 2022. The last time the cost-of-living adjustment was higher was in 1981, when the increase was 11.2%.
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