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Social Security cost-of-living adjustment will be 8.7% in 2023, highest increase in 40 years

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Amid record high inflation, Social Security beneficiaries will get an 8.7% increase to their benefits in 2023, the highest increase in 40 years.

The Social Security Administration announced the change on Thursday, which will result in a benefit increase of more than $140 more per month on average starting in January.

The 8.7% bump to benefits tops the 5.9% increase beneficiaries saw in 2022, which at the time was the highest in four decades.

The last time a higher cost-of-living adjustment was announced was in 1981, when the increase was 11.2%.

This is a breaking news story. Please check back for updates.

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