Social Security recipients could receive 8.7% COLA bump in 2023 as inflation soars

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Social Security recipients whose checks haven’t kept pace with inflation this year could make up some ground in 2023. The roughly 70 million people – retirees, disabled people and others – who rely on Social Security could receive an 8.7% cost-of-living adjustment, or COLA, next year, according to an estimate by Mary Johnson, a policy analyst for the Senior Citizen League, an advocacy group.

That would be the largest increase since 1982.

For the average retiree who got a monthly check of $1,656 this year, the bump would mean an additional $144.10 a month in 2023, boosting the typical payment to $1,800, Johnson estimates.

https://www.yahoo.com/finance/news/social-security-recipients-could-see-152913027.html