The 8.7% Increase to Social Security Benefits in 2023 Is Both Good and Bad
Following this morning's release of new inflation data from September, we now know that Social Security benefits will see a cost of living adjustment (COLA) of 8.7% in 2023, the largest increase in more than 40 years.
With the average Social Security check for retirees at $1,628.17 in September, that means the typical monthly benefit could see a $141.65 increase next year, boosting it to $1,769.82, or $21,237.85 annually.
The 8.7% COLA increase hit the non-partisan Senior Citizen League's (SCL) latest projection on the nose, which is both good and bad news for retirees. Let me explain.
Source Fool.com
