Every October, millions of Americans anxiously wait to find out how much their Social Security benefits will be in the next year. They usually (although not always) receive a raise that helps offset the higher costs they incur.

In 2023, Social Security recipients received an especially hefty cost-of-living adjustment (COLA) of 8.7%. This adjustment translated to hundreds of dollars in additional benefits paid last year. However, that wasn't the end of the story. Many Social Security recipients are now getting hit by an unwanted side effect from last year's big benefit increase.

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Source Fool.com